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7 August, 09:06

Suppose iron ore is an input in producing steel. how will a decrease in the price of iron ore affect the market for steel

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  1. 7 August, 11:00
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    Direct relation. If iron is used to make steel, and iron is cheaper now, steel will also be cheaper. Decrease in price can mean they have a bunch of it, a surplus.

    Supply and demand says if you got a lot of something prices go down. So if you have a lot of cheap iron, you can make a lot of cheap steel
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