The diagram below depicts equilibrium in the market for tax$-$exempt bonds.

On this diagram indicate i$)$ the equilibrium tax$-$exempt yield, ii$)$ the quantity of tax$-$exempt securities issued, iii$)$ the location of high tax tax bracket individual or institutional investors, iv$)$ the location of low tax tax bracket individual or institutional investors, $v)$ the location of the investor in the break$-$even $($implied marginal$)$ tax bracket.