Problem
Used Cars Not Affordable Options Menu: Forum Description: Hi Class, In the following article released by CNN, it is being discussed how used cars are becoming less affordable. CarMax is one of the largest used car dealerships in United States. The company sales and stock plunged. The company blamed "vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates and low consumer confidence." In other words, people are not as able to afford the high prices of cars because everything relse has become so much more expensive as well. Answer the following.
a) Why are used cars not as affordable?
b) Are used cars Inferior or Normal goods?
c) As an economist, explain to us what is the affect on demand and how will the demand curve shift for used cars. (Right or Left and Why) Used cars have become unaffordable | CNN Business.