Tim Has Just Inherited a Signed Wayne Gretzky Hockey Jersey,which

question 171

Multiple Choice

Tim has just inherited a signed Wayne Gretzky hockey jersey,which he would like to sell.His reservation price for the jersey is $500,and he can either place an ad in the local newspaper for $10 or sell the jersey on eBay,which will charge him 5% of the selling price.The local buyer with the highest reservation price is willing to pay $750 at most,while the two eBay bidders with the highest reservation prices are willing to pay $1,200 and $1,000,respectively.(Note that,in an eBay auction,the bidder with the highest reservation price wins,and the price paid is the reservation price of the second-highest bidder. )
-Refer to the information above.If Tim sells his jersey on eBay,the total surplus to both Tim and the winning bidder will be ________.

• A) $650.
• B) $950.
• C) $1,000.
• D) $1,150.
• E) $1,200.

---

Definitions:

Social Factors

Elements within society such as family, culture, and education that influence an individual's living conditions and personal choices.

Insulin

A hormone secreted by the pancreas to control the levels of fats, proteins, and carbohydrates in the body by reducing the level of glucose in the bloodstream.

Glucagons

A hormone produced by the pancreas that raises blood glucose levels, an important counter-regulatory hormone in the blood glucose regulation system.

Emotion-Focused Coping

refers to strategies aimed at managing and reducing the emotional distress associated with stressful situations.