This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Refer to the scenario above. Suppose you decide to buy a Toyota Corolla. You value the car for ... (Read 97 times)

ETearle

  • Hero Member
  • *****
  • Posts: 580
on: Jun 29, 2018
Refer to the scenario above. Suppose you decide to buy a Toyota Corolla. You value the car for 10,000. You don't know it, but the car dealer values it for 8,500. Which of the following is likely to be true?
 
  A) You will end up buying a high-quality car.
  B) You will end up buying a bad-quality car.
  C) You will end up earning a positive consumer surplus.
  D) You will choose not to buy the car.

Question 2

High money prices for scarce goods
 
  A) are one among many possible causes of their scarcity.
  B) are the basic cause of their scarcity.
  C) are the effect of their scarcity.
  D) have nothing to do with their scarcity, because almost all goods are scarce.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Qarqy

  • Sr. Member
  • ****
  • Posts: 313
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

C


ETearle

  • Hero Member
  • *****
  • Posts: 580
Reply #2 on: Jun 29, 2018
Correct answers!


Qarqy

  • Sr. Member
  • ****
  • Posts: 313
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

A hypothetical scenario illustrating the process of chemical selection A hypothetical scenario illustrating the process of chemical selection
Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th
This Toyota cap has a warning—the check engine light will come on if not tightened until one ... This Toyota cap has a warning—the check engine light will come on if not tightened until one ...
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ... Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
A highway curve of radius 80 m is banked at 45°. Suppose that an ice storm hits, and the ... A highway curve of radius 80 m is banked at 45°. Suppose that an ice storm hits, and the ...
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Cellular defenses (natural killer cells, phagocyte types & process of phagocytosis)

For a complete list of videos, visit our video library