The accompanying graph represents a hypothetical market for luxury automobiles. Suppose that a major luxury car producer éxits the market in order to produce more economy cars. At the same time, a new tax law means that many tax payers will receive large refunds this year. According to a marketing firm, the result is a higher quantity of luxury cars selling at higher prices. Manipulate the graph to demonstrate what must be happening to supply and demand. Price Market for Luxury Cars

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.