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According to the Wall Street Journal, during 2009, the demand for full-size pickup trucks declined as a result of rising gas prices and a decline in housing construction. At the same time, Toyota began production of trucks at a new factory in Texas.

a. Draw a demand and supply graph illustrating these developments in the market for full-size pickup trucks. Be sure to indicate changes in the equilibrium price and quantity.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939538

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