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Refer to the graphs shown.Assume the graph reflects demand in the automobile market.Which arrow best captures the impact of increased gasoline prices on the automobile market?
Price Increase
A rise in the cost or value of goods and services, which can affect consumer behavior and inflation rates.
Consumers
Individuals or groups who use goods and services produced within an economy.
Producers
Producers are individuals or entities that create goods or services for sale or exchange, typically within an economy.
Purchasing Power Parity
An economic theory that compares different countries' currencies through a "basket of goods" approach to determine exchange rate effects on goods' prices.
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