The income elasticity for cars is high. This is best illustrated by wh

The income elasticity for cars is high. This is best illustrated by which of the following?

(a) College students buy a high percentage of the lower priced, dependable foreign cars.
(b) The purchase of all hybrid cars increases in response to the call to reduce the auto’s footprint.
(c) U.S. cars built by foreign automakers sold at relatively lower prices than their equal American counterparts.
(d) All of the above.

ANSWER

(a)