The last time gas prices increased drastically, sales of large Sport Utility Vehicles (SUVs) fell. What economic reason would explain this decrease in sales?
A) SUVs were a fad and were no longer popular.
B) People who liked SUVs had already purchased one.
C) Higher gas prices increased the cost of owning a SUV.
D) The price of SUVs increased because it cost more to build them.
Correct Answer:
Verified
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