A Automobile Marketing Firm Conducts a Study to See What

question 3

Multiple Choice

A automobile marketing firm conducts a study to see what types of cars people owned before buying an American car.The results are shown below. $$\begin{array} { | c | c | } \hline \text { Previous Ownership } & \text { Frequency } \\\hline \text { American } & 760 \\\hline \text { Japanese } & 375 \\\hline \text { Korean } & 72 \\\hline \text { German } & 37 \\\hline \text { Other } & 24 \\\hline \text { Total } & \mathbf { 1 2 6 8 } \\\hline\end{array}$$ The relative frequency of those who owned Japanese cars previously who now bought
American cars is

• A)59.9 %
• B)29.6%
• C)5.7%
• D)14.9%
• E)2.9%

---

Definitions:

Production Technology

The methods, processes, and equipment used in the production of goods and services.

Market Quantity Supplied

The total amount of a specific good or service that is available for purchase in a market at a given price.

Market Supply Curve

A graphical representation showing the relationship between the price of a good and the total quantity of the good supplied by all suppliers at each price level.

Market Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to purchase at various prices.