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The paper's findings have since been applied to many other types of markets. However, Akerlof's research focused solely on the market for used cars. Akerlof's paper uses the market for used cars as an example of the problem of quality uncertainty. It concludes that owners of high-quality used cars will not place their cars on the used car market.
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State Vehicles Vehicles / person Miles / vehicle Mpg United States 282,366,285: 0.850: 11,121: 24.4 Montana 2,140,014: 1.934: 6,300: 26.7 South Dakota 1,433,044: 1 ...
Economy car is a term mostly used in the United States for cars designed for low-cost purchase and operation. Typical economy cars are small (compact or subcompact), lightweight, and inexpensive to both produce and purchase. Stringent design constraints generally force economy car manufacturers to be inventive. [1]
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The Gambler 500, founded by Tate Morgan and the Oregon group began in 2014 as a challenge to see how far $500 cars could go. The first year had 14 cars, and in 2015 the number of participants increased to 28, then 31 in 2016. The Gambler 500 gained rapid popularity growth in 2017, with over 800 vehicles participating in Oregon.