16. How prices allocate resourcesSuppose that there are three plots of mountain resort land available for sale in Stowe and six potential buyers, each interested in purchasing one plot.Assume that all of the plots are basically indistinguishable and that the minimum selling price of each is $445,000. The following table lists eachpotential buyer's willingness and ability to purchase a plot of land.PersonAnaKevinMariaRajivSimoneYakovAnaWhich of these people will purchase one of the three mountain resort plots? Check all that apply.KevinMariaRajivWillingness and Ability to Purchase(Dollars)380,000SimoneYakov600,000510,000470,000420,000390,000Now, assume that the three mountain plots have been sold to the people that you indicated in the previous section. Suppose that a few weeks afterthe last of those mountain plots is sold, another basically identical mountain plot goes on the market for sale at a minimum price of $432,500. Thisfourth plotbe sold, because▼will purchase it from the seller for at least the minimum price.

In a market, a seller and a buyer interact and make a transaction is they both are able to gain…

Which of these people will purchase one of the three mountain resort plots? Check all that apply. Ana Kevin Maria Rajiv Simone O Yakov Now, assume that the three mountain plots have been sold to the people that you indicated in the previous section. Suppose that a few weeks after the last of those mountain plots is sold, another basically identical mountain plot goes on the market for sale at a minimum price of $432,500. This fourth plot be sold, because will purchase it from the seller for at least the minimum price.

Which of these people will purchase one of the three mountain resort plots? Check all that apply. Ana Kevin Maria Rajiv Simone O Yakov Now, assume that the three mountain plots have been sold to the people that you indicated in the previous section. Suppose that a few weeks after the last of those mountain plots is sold, another basically identical mountain plot goes on the market for sale at a minimum price of $432,500. This fourth plot be sold, because will purchase it from the seller for at least the minimum price.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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PLEASE EXPLAIN ALSO WHY OTHER OPTIONS NOT CORECT
Please help me with this carefully. Thank you.
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Ans both.. otherwise dont ans
Why might it be difficult for a buyer and seller to agree on a price when imperfect information exists?