When Incomes Are Rising,new Car Sales Increase While Used Car

question 159

Multiple Choice

When incomes are rising,new car sales increase while used car sales decrease.This indicates that

• A)used cars and new cars are both normal goods.
• B)used cars are inferior goods and new cars are normal goods.
• C)used cars and new cars are complements.
• D)used cars and new cars are substitutes.
• E)used cars are normal goods and new cars are inferior goods.

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Definitions:

Assimilation

The process by which a person or a group becomes part of another culture.

Existing Theories

Previously developed and accepted explanations for phenomena or observations within a particular domain of knowledge.

Toilet Training

The process of teaching a young child to use the toilet for urination and defecation, also known as potty training.

Maturation

The process of becoming mature, involving the growth and development of the body or mind, or the development of natural abilities at a predetermined pace and sequence.