Plotting on graph the relevant information
(a)
(b) The tires of pickup trucks found to be defective.
(C) Imposition of costly regulations on the manufacturers of trucks.
Concept Introduction
Demand: The demand of a product or service in the market is derived by the willingness to purchase and ability of the consumers to pay for the purchase.
Supply: The supply of a product or service means making available a specific product or service to the consumers at a specific price.
Equilibrium Price: The equilibrium price is the market price at which the quantity demanded by the consumers equals the quantity supplied by the producers.
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