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1. What factors contributed to the previous housing bubble?2. What was the aftermath including monetary and fiscal policies aimed at repairing the economy? Explain using as many of the of the following microeconomic concepts: market structures, costs of production, technology, research and development, efficiency, resource markets, wage determination, energy issues and policies, market failures, anti-trust and regulation, agriculture, income inequality and poverty, healthcare, labor markets (including unionism, discrimination, and immigration) international trade, balance of payments, and trade deficits.

Be as detailed & thorough as possible.