Table 7-8Seller Cost(Dollars)Evan 50Selena 100Angie 150Kris 200Refer to Table 7-8. If the sellers bid against each other for the right to sell the good to a consumer, then the good will sell forGroup of answer choices$150 or slightly less.$100 or slightly less.$50 or slightly more.$200 or slightly more.
Question
Table 7-8Seller Cost(Dollars)Evan 50Selena 100Angie 150Kris 200Refer to Table 7-8. If the sellers bid against each other for the right to sell the good to a consumer, then the good will sell forGroup of answer choices100 or slightly less.200 or slightly more.
Solution
The good will sell for $50 or slightly more.
Here's why:
In a bidding war, sellers are competing against each other to sell their good. They do this by lowering their prices to attract the buyer. In this case, Evan has the lowest cost at 50, or slightly more if the other sellers don't match exactly Evan's price but go slightly above it.
Similar Questions
A client offers a block-trade to sell 10,000 shares to you at $1.56. Based on the market depth table below, should you accept the offer? 2 Buyers Qty 2.405 10.000 5.000 5,705 5.000 14.700 Price 1.455 11.45 1.42 1.415 1.41 1.40 Price 1.54 1.55 1.59 1.595 1.60 1.63 1,65 1.67 1.68 1.72 Sellers @ty 12,699 15.000 15.000 5,000 1.000 20.000 1.560 5.000 2.500 12.240 Num Select one: O a. No, there is insufficient liquidity on the bid to close the deal at a profit • b. Yes, there is sufficient liquidity on the bid to close the deal at a profit O c. Yes, there is sufficient liquidity on the offer to close the deal at a profit O d. There is insufficient information to make a suitable decision • e. No, there is insufficient liquidity on the offer to close the deal at a profit
Select the correct answerIf the cost price of 15 tables be equal to the selling price of 20 tables, the loss per cent is?Options30%20%25%37.50%
The entry to record a sale of $750 (cost of goods $400) with terms of 2/10, n/30 will include a: Group of answer choices debit to Discount Allowed for $15. debit to Sales Revenue for $735. credit to Accounts Receivable for $750. credit to Sales Revenue for $750.
John is looking to sell his car and Mary is looking to buy it. John values the car at $2000 and Mary values it at $3000. John places an add in the newspaper and Mary must either accept the offer or ignore it. Which of the following prices would be the best price for John to advertise the car for?Group of answer choices$2000John is indifferent between any of these prices.$2999$3500$2500
Figure 22-14Refer to Figure 22-14. Suppose the price of good X is $8, the price of good Y is $10, and the consumer's income is $360. Then the consumer's optimal choice is to buyGroup of answer choices40 units of good X and 4 units of good Y.30 units of good X and 12 units of good Y.15 units of good X and 24 units of good Y.20 units of good X and 20 units of good Y.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.