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:

Negotiated Level

A mutually agreed upon standard or condition that is arrived at after discussion between parties involved.

Conflict Management

The practice of identifying and handling conflicts in a wise, fair, and efficient manner, focusing on effective communication and negotiation strategies to achieve resolutions.

Assertive

Relating to a behavior characterized by confidence and self-assurance in expressing one's opinions and needs directly and respectfully, without being aggressive or passive.