(Table: Car Quality Rating) at a Sale of Used Cars

question 37

Multiple Choice

(Table: Car Quality Rating) At a sale of used cars, nine people are trying to sell their cars. Each of the sellers knows the quality rating of his car, all of which the table displays, and which range from 0 to 2. Sellers value their car at 1,000Q, where Q is its quality rating. Buyers do not know the value of any given car, but they do know the average quality rating of all cars that are available at the going price. Buyers value any given car at
, where
Is the average quality rating of the cars available for sale. At an auction price of $2,000, there will be ____ cars for sale.

• A) nine
• B) seven
• C) five
• D) three

Apply the utility-maximizing rule to explain consumption choices under budget constraints.

Explain the significance of the marginal rate of substitution in consumer choice theory.

Understand the basic components and characteristics of motivation.

Differentiate between intrinsic and extrinsic motivation.

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