The following graph shows the market for cars in 2007. Between 2007 and 2008, the equilibrium price of cars remained constant, but the equilibrium quantity of cars increased. From this, you can conclude that between 2007 and 2008, the supply of cars v and the demand for cars Adiuct the granh to lustrate vour ancwer by ch owing the goci demana cunves in 2009
The following graph shows the market for cars in 2007. Between 2007 and 2008, the equilibrium price of cars remained constant, but the equilibrium quantity of cars increased. From this, you can conclude that between 2007 and 2008, the supply of cars v and the demand for cars Adiuct the granh to lustrate vour ancwer by ch owing the goci demana cunves in 2009
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 2TY
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Transcribed Image Text:The following graph shows the market for cars in 2007. Between 2007 and 2008, the equilibrium price of cars remained constant, but the equilibrium
quantity of cars increased. From this, you can conclude that between 2007 and 2008, the supply of cars
and the demand for
cars
Adjust the graph to illustrate your answer by showing the positions of the supply and demand curves in 2008.
Supply
Demand
Supply
Demand
QUANTITY (Cars)
PRICE (Dollars per car)
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