Suppose you are at a flea market and are considering buying a box of vintage records. You are tryingto bargain down the price, but the seller overhearsyou telling a friend that you are willing to pay upto $50. Why is your consumer surplus now likelyto be lower than it would have been if the sellerhadn’t overheard you?
Suppose you are at a flea market and are considering buying a box of vintage records. You are tryingto bargain down the price, but the seller overhearsyou telling a friend that you are willing to pay upto $50. Why is your consumer surplus now likelyto be lower than it would have been if the sellerhadn’t overheard you?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose you are at a flea market and are considering buying a box of vintage records. You are trying
to bargain down the
you telling a friend that you are willing to pay up
to $50. Why is your
to be lower than it would have been if the seller
hadn’t overheard you?
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