The Market for Used Sea Kayaks Has Both a High-Quality

question 83

Multiple Choice

The market for used sea kayaks has both a high-quality and low-quality variety. High-quality kayaks are valued at $3,000 and low-quality ones at $800. Supply of used high-quality kayaks is Q_H = 0.5P_H - 1,000, and the supply of used low-quality kayaks is Q_L = P_L - 500. Potential buyers cannot distinguish between a high-quality and a low-quality used kayak. Buyers believe that only 3 of every 10 used kayaks are of high quality. In this market, ____ high-quality used kayaks will be sold.

• A) 2,000
• B) 1,460
• C) 270
• D) 0

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Definitions:

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Ecological Validity

The extent to which research findings can be generalized to real-life settings.

Experimental Control

The practice in scientific experiments of keeping variables constant except for the variable being tested, ensuring that observed effects can be attributed to the variable of interest.

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