Multiple Choice
A buyer values a house at $525,000 and a seller values the same house at $485,000.If sales tax is 8% and is levied on the buyer,then,what would be the highest price that the buyer would be willing to pay?
A) $525,000
B) $523,800
C) $485,000
D) $486,111
Correct Answer:
Verified
Correct Answer:
Verified
Q37: An example of price floor is<br>A)Minimum wages<br>B)Rent
Q38: Wealth is created when<br>A)Assets move from lower
Q39: The biggest advantage of capitalism is that<br>A)It
Q40: Economic reasoning is based on the premise
Q41: If you are willing to sell your
Q43: A retailer X that is operating at
Q44: A consumer values a car at $30,000
Q45: An advantage of capitalism is that<br>A)It allows
Q46: Rent controls<br>A)are an example of price floors.<br>B)are
Q47: Price floors are primarily intended to help<br>A)No