Used Cars: Gas Guzzlers versus Gas Sippers. Consider the market for used cars. In 2008, the price of gas rose while the price of used full-size SUVs dropped and the price of used compact cars increased.
a. Use a supply–demand graph to show the effects of a higher gasoline price on the market for used fullsize SUVs.
b. Use a supply–demand graph to show the effects of a higher gasoline price on the market for used compact cars.
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