In Recent Years, the Prices of New Domestically Produced Cars

question 267

True/False

In recent years, the prices of new domestically produced cars have been falling.Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel.This information suggests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars and bus travel, are negative.

---

Definitions:

Higher Need

Refers to the more complex, growth-oriented aspects of human motivation, often associated with fulfilling potential and achieving self-actualization.

Failure

The condition or fact of not achieving the desired end or ends; the opposite of success.

Content

Pertains to the substance or material dealt within a speech, text, work of art, or thought, determining its meaning or significance.

Influenced

Being affected or shaped by external factors or agents, leading to changes in behavior, opinion, or development.