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According to an article in the Wall street Journal, during 2006, the demand for full-size pickup trucks declined as a result of rising gas prices and a decline in housing construction (construction firms are an important part of the market for full-size pickup trucks). At the same time, Toyota began production of trucks at a new factory in Texas.

Briefly discuss whether this problem provides enough information to determine whether the equilibrium price and quantity of trucks increased or decreased.

If so, what would have happened to the equilibrium price and quantity of pick-up trucks?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9291836

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