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Jerry has $50,000 in his savings account and the average new car price is $23,000. Does Jerry have a demand for a new car? Oa. Yes, since Jerry's savings is more than double the average new car price. Ob. Yes, since Jerry can afford a new car. Oc. Not necessarily. Jerry has the ability to buy a new car, but we don't know if he also has the willingness to buy a new car. Od. none of the above

Jerry has $50,000 in his savings account and the average new car price is $23,000. Does Jerry have a demand for a new car? Oa. Yes, since Jerry's savings is more than double the average new car price. Ob. Yes, since Jerry can afford a new car. Oc. Not necessarily. Jerry has the ability to buy a new car, but we don't know if he also has the willingness to buy a new car. Od. none of the above

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 3P
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Jerry has $50,000 in his savings account and the average new car price is $23,000. Does Jerry have a demand for a new car? Oa. Yes, since Jerry's savings is more than double the average new car price. Ob. Yes, since Jerry can afford a new car. Oc. Not necessarily. Jerry has the ability to buy a new car, but we don't know if he also has the willingness to buy a new car. Od. none of the above
Transcribed Image Text:Jerry has $50,000 in his savings account and the average new car price is $23,000. Does Jerry have a demand for a new car? Oa. Yes, since Jerry's savings is more than double the average new car price. Ob. Yes, since Jerry can afford a new car. Oc. Not necessarily. Jerry has the ability to buy a new car, but we don't know if he also has the willingness to buy a new car. Od. none of the above
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