Suppose that in 2006,8 million cars were purchased at $15,000 each,while in 2007,10 million cars were purchased at $12,000 each.What might have caused this change?

Question

Quizplus · Accepted Answer

An advance in automobile manufacturing technology could lead to a decrease in production costs, allowing manufacturers to sell more cars at a lower price, which explains the increase in quantity sold and the decrease in price from 2006 to 2007.

Suppose That in 2006,8 Million Cars Were Purchased at $15,000