- 04/25/2019 at 2:58 pm #618662EduGorillaKeymasterSelect Question Language :
Directions: The question is based on the demand and supply diagram as shown in the figure. S1 and D1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demands and supply curves. Starting from initial equilibrium point (1), what point on the graph is most likely to result from each change?
Assume that consumers expect the prices on new cars to significantly increase next year. What point in the figure is most likely to be the new equilibrium price and quantity?
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