\fLooking to buy a used car? Consumers can expect high costs and low inventories at the dealership lot. listing prices for used cars in January were up 40% from the same time last year, according to Carfax. The company said the average listing for a used car is currently $28,000 a record high. \"Historically you'd think of that as the cost of a new car,\" Emilie Voss, director of public relations at Carfax, told ABC News. \"We've never seen a number like that for average price for a used car nationally.\" According to Edrnunds, the price is even higher: its data showed the average price of a used car is currently $29,594, up 30% from the year prior. The ongoing global microchip shortage is to blame for rising costs. Manufacturers cannot acquire enough chips to keep production lines running and the demand for used cars is high. \"We're seeing record prices and part of that is a severe lack of used car inventory,\" Voss said. \"What we hear about with the car chip shortage impacting production, that is trickling down to used cars.\" For consumers who can afford high costs, you'll have to act fast. Experts at Cars .conr said vehicles are moving off dealer lots within a week, when prepandemic it could take 3060 days before they sold. Once you arrive to a dealership, experts say it's important to keep an open mind. Consumers may have to compromise on their wish lists and expand their search when looking for a used car. \"Say you want a 2019 white Ford Edge. You're going to have a harder time nding that specic vehicle than if you were to broaden your search and say I'm open to just really any midsize SW,\" Voss said. Consinners though might see some relief later in the year. Free Second Membership For anyone in your hm 1.\"- ch old. LEARN MORE \"There are headwinds right now new car supply is projected to get better in the second half of the year and consumer demand has slowed recently due to the recent COVID spike and high used car prices,\" Voss said. While the market is competitive, Voss said consumers can still negotiate on price. \"Use the vehicle history if price is an issue for you,\" he said. \"A vehicle history report you can tell if a vehicle is well maintained [or] if an accident was minor or severe.\" ABC News' Sam Sweeney contributed to this report. 1. Briey describe the market covered in your article, the specic shift factor that inuenced the market. and whether the change affects supply or demand. Ex: The article I selected is "Researchers Announce Eating M 5: Ms Cures Baldness!" This describes an impact on the market for M St M's. This new research will likely lead to an increase in demand of M&M's as a result of a change in tastes and preferences. More individuals will want to buy M&M's now that they know it can cure baldness. 2. Use the graphing template {or your own graphing strategy) to create a diagram that demonstrates your market before and after this change. Label everything clearly on your graph including title (the name of the market), all axes, curves, equilibrium, clearly designating the "before" and "after." For example. if you were demonstrating an increase in supply, you would have two supply curves. supply (before), and supply (after). You may label equilibrium points e: and e2. Check out the sample graph attached below. p- M&M Market I106 3. If your market can adjust to this impact, how does equilibrium price and quantity change as a result? 4. Now assume that the government is considering a price control (ceiling or floor) to keep the price from changing as a result of the impact. Would they need to institute a price ceiling or floor to achieve this and what would be the consequence of that decision within the market