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Week 2 Shift in Supply and Demand

Week 2 Shift in Supply and Demand

Q Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity. Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly, and state the factors that you believe have caused the shift in supply and/or demand.

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The commodity chosen in this regard is the Gas in the United States. When the Hurricane Harvey hit the United States and the Gulf of Mexico in the year of 2017 then the whole country got affected badly. The wellbeing of the country also got hit largely. Large portion of the infrastructure got damaged along with crops. Not only this, some of the oil and gas refineries in Mexico also got a bad hit.