The graph below represents the market for luxury automobiles. Now suppose that one of the industry’s major suppliers of luxury…
The graph below represents the market for luxury automobiles. Now suppose that one of the industry’s major suppliers of luxury cars has decided to exit the market to focus on its line of economy cars. At the same time the average price of luxury cars has increased and the quantity of cars sold has increased. Manipulate the graph to demonstrate these changes in the market for luxury automobiles.
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