Scenario: You Walk into a Used Car Lot to Buy

question 99

Multiple Choice

Scenario: You walk into a used car lot to buy your first car. However, you are not sure of the quality of the cars in the lot and expect one-third of them to be of poor quality.
-Refer to the scenario above.You are eager to pay $10,000 for a good-quality car but $0 for a poor-quality car.Suppose you decide to buy a Toyota Corolla that the car dealer values at $8,500.What is the most that you would be willing to pay for the car?

• A) $3,000.50
• B) $6,666.67
• C) $10,000
• D) $5,000

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