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. Which of the following is true (select all that apply):Group of answer choicesJohn will accept any price above $2000The sale will only occur if the price is between 2000 and 3000.John will only accept prices between $2000 and $3000.Mary will accept any price above $2000None of the options are correct
Question
John is looking to sell his car and Mary is looking to buy it. John values the car at 3000. Which of the following is true (select all that apply):Group of answer choicesJohn will accept any price above 2000 and 2000None of the options are correct
Solution
The correct answers are:
-
John will accept any price above 2000, so any price above this would be acceptable to him.
-
The sale will only occur if the price is between 3000: This is also true. For the sale to occur, the price must be acceptable to both parties. John won't accept less than 3000.
-
John will only accept prices between 3000: This is false. John will accept any price above 2000 and $3000.
-
Mary will accept any price above 3000, so she would not accept a price above this.
-
None of the options are correct: This is false as the first two options are correct.
Similar Questions
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 offers to sell it to Mary at a price of $3500. Which of the following is true: Group of answer choices Mary will not accept the offer and the total surplus will be $1000. None of the options are correct Mary will accept the offer but the total surplus will be less than $1000 Mary will not accept the offer and the total surplus will be 0. Mary will accept the offer and the total surplus will be $1000
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
A steel manufacturer (SM) and BHP are negotiating the price of iron ore. First, SM proposes a price p. Following this offer, BHP can accept or reject. If BHP accepts, SM gets 300 – p and BHP gets p. If BHP rejects the offer, SM gets 0 and BHP 100. What is the outcome of the negotiations?Group of answer choicesSM offers a price of 99 and BHP acceptsSM offers a price of 101 and BHP rejectsSM offers a price of 300 and BHP rejectsSM offers a price of 100 and BHP acceptsSM offers a price of 300 and BHP accepts
William owns a car that he values at $5000. Jackson values the car at $7500. The negotiations between them for a potential trade are as follows: William offers a price to Jackson. If Jackson accepts, trade takes place at that price. If Jackson rejects, William keeps the car and Jackson buys a similar car which he values the same as William’s car from James for the price of $6000. What will the outcome be of the negotiation process? Group of answer choices William suggests Jackson pay $6125 and Jackson accepts the deal. William suggests Jackson pay $5000 and Jackson accepts the deal. William suggests Jackson pay $7500 and Jackson accepts the deal. William suggests Jackson pay $6000 and Jackson accepts the deal. William suggests Jackson pay $5000 and Jackson rejects the deal.
Select all that applySTP includes which of the following?Multiple select question.Price comparisonsPositioningSituational analysisSegmentation
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.