The Tables Below Show Reservation Values of Buyers and Sellers

question 209

Multiple Choice

The tables below show reservation values of buyers and sellers in a market. There are three buyers and two sellers. Each buyer's reservation values for the fourth unit and above are negative, and each seller can produce at most four units.

-Refer to the tables above.What is the range of equilibrium prices? What is the equilibrium quantity?

• A) $25 and $30; 4 units
• B) $25 and $45; 5 units
• C) $30 and $35; 5 units
• D) $35 and $45; 6 units

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Definitions:

Adolescent Developmental

Refers to the physical, cognitive, and emotional changes that occur during the period from puberty to adulthood.

Siblings

Individuals who share one or both parents in common, typically referred to as brothers or sisters.

Peers

Refers to individuals who are of similar age, status, or interest, often playing significant roles in socialization and influence during development.

Adolescence

The transitional stage from childhood to adulthood, typically characterized by physical, psychological, and social changes.