Under the FTC's Used Car Rule the Buyer's Guide Must

question 129

Multiple Choice

Under the FTC's Used Car Rule the Buyer's Guide must contain:

• A) a promise to pay for all repairs required in the next 30 days
• B) the color of the car
• C) a suggestion that the consumer ask for an independent inspection of the car
• D) all of the other specific choices are required
• E) none of the other specific choices are required

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Definitions:

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product demanded, leading to a stable market condition.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the point where the supply and demand curves intersect.

Supply Decreases

A situation where the quantity of a good or service that producers are willing and able to offer for sale at a given price is reduced.

Substitute Good

A product or service that can be used in place of another to satisfy consumer demand, offering an alternative choice.