Which statement illustrates the law of supply and demand when applied to the development of the fur trade?
The demand for beaver fur was strong in North America because beavers were scarce there.
There were very few beavers left in Europe, so demand for their fur was very high.
The demand for beaver fur in Europe could be met with local supplies, keeping prices low.
There were plentiful beavers in North America, making demand for their fur high.
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