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

question 133

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,then total economic surplus will be ________ higher than if he had sold it through advertising in the local newspaper.

• A) $450
• B) $410
• C) $260
• D) $250
• E) $200

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Definitions:

Associative Play

A stage of play usually evident in young children where they play alongside each other but do not directly interact or cooperate.

Cooperative Play

A stage of play where children play together, creating and organizing games or activities, demonstrating teamwork and social skills.

Sociodramatic Play

A form of play in which children enact roles and scenarios, using imagination to explore and understand social relationships and norms.

Sociodramatic Play

A form of play where children engage in role-playing, imitating and acting out various scenarios and social roles, often involving complex narratives and cooperation.