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- Place in order the stages of a market experiencing a shortage and then regaining equilibrium.
- 1. A popular celebrity endorses a product.
- 2. Demand for product increases
- 3. More items are purchased than are being manufactured
- 4. Sellers raise prices, which causes a partial but not complete pullback of demand.
- 5. Sellers use increased revenue to fund increased production
- 6. Supply again matches demand
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