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 true in this case?
A) There are no gains from trade.
B) There are gains from trade.
C) There are negative economies of scale.
D) There are positive economies of scale.
B
Economics
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The above table gives data for the nation of Sueland. What is the government sector balance?
A) $1,772 billion B) $32 billion C) -$43 billion D) -$32 billion
Economics
Refer to Figure 13-15 to answer the following questions
a. What is the profit-maximizing output level? b. What is the profit-maximizing price? c. What is the average total cost at the profit-maximizing output level? d. What area represents the firm's profit? e. At which output level are economies of scale exhausted? f. Does this graph most likely represent the long run or the short run? Why?
Economics