Kayla and Kevin Are Friends Who Go Together to a Used

question 57

Multiple Choice

Kayla and Kevin are friends who go together to a used textbook seller who has two copies of the biology book that they both need for their class this semester. The cost to the seller of acquiring the books was $25 each and no other students will need this book. Kayla states that she is willing to pay $40 for the book, while Kevin says he is willing to pay $80. Which of the following describes the most likely conclusion to this scenario?

• A) The seller will sell the books to both Kayla and Kevin for $80 each because Kevin's higher value exceeds Kayla's willingness to pay.
• B) The seller will sell the books to both Kayla and Kevin for $40 each because if they tried to charge Kevin a higher price, Kayla would engage in arbitrage.
• C) The seller will sell one book to Kayla for $40 and one book to Kevin for $80 because this market meets all three requirements for price discrimination.
• D) The seller will sell the books to both Kayla and Kevin for $25 each because that is how much the seller paid for the books.

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Definitions:

Socialization

The process by which individuals learn and internalize the values, beliefs, and norms of their culture, becoming functioning members of society.

Life Course

A sociological concept that studies individuals and societal dynamics by examining an individual's lifetime, from birth through aging, within the context of their historical, cultural, and social experiences.

Generalized Other

The concept in symbolic interactionism that represents an individual's internalized attitude of the larger community.

Childhood Socialization

The process by which children learn and internalize the values, behaviors, and norms of their culture or society.