A Buyer Values a House at $525,000 and a Seller

question 29

Multiple Choice

A buyer values a house at $525,000 and a seller values the same house at $485,000.If sales tax is 8% and is levied on the seller,then what would be the lowest price that the seller would be willing to sell at?​

• A)​$527,000
• B)$523,800
• C)$525,000
• D)​$500,000

Understand the concept of marginal cost and marginal benefit and their roles in decision-making.

Recognize the concept of opportunity cost and how it influences choices.

Identify the principles of rational decision-making at the margin.

Apply concepts of costs (sunk costs, marginal costs) to real-world scenarios affecting economic decisions.