The graph below reflects the market for tickets to a movie theater in a small Midwestern town. Using the graph, show what happens if the price of a movie rental at the local video rental store rises. What happens to the equilibrium price and quantity?
Definitions:
Opposite Side
Typically refers to the side that is diametrically opposed to a referenced side or point, often used in geometrical contexts or discussions of relative positions.
Cosine
In trigonometry, it is the ratio of the adjacent side of the angle and the hypotenuse.
Adjacent
Next to or beside.
Hypotenuse
The largest side of a right-angled triangle, positioned opposite to the right angle.
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