It is often said that as soon as the buyer of a new car drives it off

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It is often said that as soon as the buyer of a new car drives it off of a dealer's lot, its value falls significantly below the purchase price. Why might this be true? Suppose this pattern held in 1985, but that it is no longer true today. What do you think might account for that change?
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Microeconomics

ISBN: 978-1118572276

5th edition

Authors: David Besanko, Ronald Braeutigam

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