Recently the demand for LCD televisions appeared to be falling. At the same time, some industry observers expected that several smaller television manufacturers might exit the market. Use a demand and supply graph to analyse the effects of these factors on the equilibrium price and quantity of LCD televisions. Clearly show on your graph the old equilibrium price and quantity and the new equilibrium price and quantity. Can you tell for certain that the new equilibrium price will be higher or lower than the old equilibrium price? Explain.