You Have Been Having Significant Problems with Your New Car

question 81

Multiple Choice

You have been having significant problems with your new car.Every time you turn around something is breaking or not working properly.Fortunately,the "lemon laws" are there to help.Which of the following is not one of the criteria for application of the lemon laws?

• A)You have made at least four attempts to solve the problem.
• B)Your car has been out of service for at least 30 days during the first year after purchase.
• C)You have under 12,000 miles on the car.
• D)You must return the vehicle to the original dealership.

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity of the good supplied.

Surplus

A situation where there is excess of supply over demand in the market, leading to downward pressure on prices.

Decrease in Demand

A situation where consumers are willing and able to purchase less of a good or service at any given price, often reflected in a leftward shift of the demand curve.

Decrease in Price

A reduction in the cost of a good or service, often resulting in increased demand or consumption.