If the Demand for Used Cars Decreases After the Price

question 122

Multiple Choice

If the demand for used cars decreases after the price of a new car falls,used cars and new cars are

• A)normal goods.
• B)complementary goods.
• C)inferior goods.
• D)substitute goods.
• E)The question is incorrect because it is the quantity of used cars,NOT the demand for used cars,that will change when the price of a new car falls.

Grasp the basic principles of evolutionary personality psychology and the role of natural selection in shaping human characteristics, including personality.

Describe and understand the concept of cerebral asymmetry and its measurement techniques.

Analyze how individual differences in cerebral asymmetry can predict emotional responses.

Apply knowledge of evolutionary psychology to explain the existence of complex human emotions like anxiety.

---

Definitions:

Market Power

The ability of a firm or group of firms to influence the price or control the supply of a good or service in a market.

Monopoly Markets

Markets dominated by a single seller, where the monopolist has significant control over the price and supply of a product or service.

Deadweight Losses

Economic inefficiencies that arise when market equilibrium is not achieved, often resulting from monopolies, taxes, subsidies, or price controls, leading to lost welfare for consumers or producers.

X-inefficiency

The difference between efficient behavior of businesses under competitive environments versus the inefficiency that arises in the absence of competition.