Multiple Choice
The tables below show reservation values of buyers and sellers in a market. There are three buyers and two sellers. Each buyer's reservation values for the fourth unit and above are negative, and each seller can produce at most four units.
-Refer to the tables above.How many units does each buyer buy,and how many units does each seller sell at the equilibrium?
A) Buyer 1: 2 units, Buyer 2: 2 units, Buyer 3: 2 units; Seller 1: 2 units, Seller 2: 3 units
B) Buyer 1: 2 units, Buyer 2: 1 unit, Buyer 3: 2 units; Seller 1: 3 units, Seller 2: 2 units
C) Buyer 1: 1 unit, Buyer 2: 2 units, Buyer 3: 2 units; Seller 1: 2 units, Seller 2: 3 units
D) Buyer 1: 2 units, Buyer 2: 1 unit, Buyer 3: 2 units; Seller 1: 2 units, Seller 2: 3 units
Correct Answer:
Verified
Correct Answer:
Verified
Q72: The following figure illustrates the demand and
Q73: The following table displays the reservation values
Q74: The concept of the invisible hand suggests
Q75: Take a deck of playing cards and
Q76: The tables below show reservation values of
Q78: The following figure shows the marginal cost
Q79: Which of the following statements is true?<br>A)
Q80: Scenario: The figure on the left shows
Q81: Which of the following statements differentiates between
Q82: Scenario: There are two firms producing ballpoint