Problem
1. If you look at the market for cars, high-income households are more likely to buy new cars, and lower income households are more likely to buy used cars. Why is that the case?
2. Following a recession, it is likely that the average age of cars will be higher than prior to the recession. Why?
3. Would you say that the market for higher education is a market with monopolistic competition or a monopoly? How does competition occur in that market?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.