Essay
Ted went to the market to buy Good X.He was willing to pay up to $2.50 per unit of the good.However,he expected some units of the good to be defective.Therefore,when the seller asked a price of $2.30 per unit,he refused to pay more than $2 for each unit.If the seller knows which units of the good are defective,what is most likely to happen in this case?
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Ted valued each unit of Good X at $2.50,...View Answer
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Correct Answer:
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