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The lumber industry was hit hard by the sub prime mortgage turmoil in 2008. Prices plunged fro m $290 per thousand board feet to less than $200 per thousand board fee t. Many observers bel ieved this p rice decrease was caused by the slowing of new home co nstruction because of the glut of unsold homes on the market. Was this price decrease caused by a shift in thesu pply or demand curve?

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