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

question 113

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 advertises his jersey in the local newspaper and sells it to the local buyer with the highest reservation price,his economic surplus will be

• A) $240.
• B) $490.
• C) $500.
• D) $740.
• E) $750.

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Definitions:

Archetypes

Universal, inherited models of people, behaviors, or personalities that play a role in influencing human behavior.

Genes And Environment

The interplay between genetic predispositions and environmental factors that influence the development and behavior of individuals.

Phenotypes

The collection of visible attributes or properties in an organism that arise from the combination of its genetic makeup and environmental influences.

Genotypes

The genetic makeup of an organism, determining specific traits or characteristics through the combinations of alleles inherited from parents.