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In some countries, title to an automobile includes a history of previous owners. And in those countries, the price for a particular car, holding fixed
In some countries, title to an automobile includes a history of previous owners. And in those countries, the price for a particular car, holding fixed the car model and features, miles driven, and general (discernible) condition, is a decreasing function of the number of previous owners, i.e., price declines as the number of previous owners rises. Why is this do you think? Explain step-by-step.
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