Suppose that in 2006,12 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?
A) The price of airplane tickets (a substitute for cars) fell.
B) The price of airplane tickets (a substitute for cars) rose.
C) Automobile manufacturing technology increased.
D) Automobile manufacturing technology decreased.
Correct Answer:
Verified
Q262: Suppose that in October the price of
Q264: Lettuce and spinach are substitute goods.All else
Q265: If the equilibrium price of a good
Q271: If the cost of producing a good
Q272: In the Application,what did Ted Koppel identify
Q272: If the equilibrium price of a good
Q273: Lettuce and spinach are substitute goods.All else
Q275: Suppose that in October the price of
Q277: Draw a graph to illustrate the effect
Q279: Draw a graph to illustrate the effect
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents