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 84 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?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Engine and electric motor for the Toyota Prius Engine and electric motor for the Toyota Prius
A Toyota/Lexus hybrid electric vehicle has a ready light. If the ready light is on, the engine can ... A Toyota/Lexus hybrid electric vehicle has a ready light. If the ready light is on, the engine can ...
This label on a Toyota Camry hybrid shows the relative smog-producing emissions, but this does not ... This label on a Toyota Camry hybrid shows the relative smog-producing emissions, but this does not ...
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 ...
Suppose that we have a sample space with five equally likely experimental outcomes: E1, E2, E3, ... Suppose that we have a sample space with five equally likely experimental outcomes: E1, E2, E3, ...
Suppose a country imports televisions. The country's supply and demand curves are shown in ... Suppose a country imports televisions. The country's supply and demand curves are shown in ...
Video: Spermatogenesis Animation

For a complete list of videos, visit our video library