F IGURE 29 As demand grew production costs fell The decline in costs was due to

F igure 29 as demand grew production costs fell the

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F IGURE 2.9 As demand grew, production costs fell. The decline in costs was due to the discovery of new and cheaper refinery or other substitutes ( aluminum replaces copper ). Supply is greater than demand, thus prices of copper, iron and coal will decline or remain constant.
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