Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After some negotiation, Mister Smith purchased the house for $205,000. Smith's consumer surplus is A. $20,000. B. $15,000. C. $5,000. D. not able to be calculated from the information given.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After some ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
One of the cofounders of project repat is no longer with the company, although he retains a small owner - ship stake. what complications might this change have caused if project repat was set up as a partnership rather than a corporation?
Answers (1)
Business inventories increase when firms produce
Answers (1)
Chuck and Rob work for the same company and earn the same pay. Rob spends his free time taking work-related classes to improve his computer skills, while Chuck spends his free time socializing with friends and attending movies.
Answers (1)
Brook Side reported sales of $738,000 and cost of goods sold of $584,000 for the year. The firm had a beginning inventory of $51,000 and an ending inventory of $46,000. What is the length of the inventory period?
Answers (1)
True or False: An interest-bearing account is an account that generates interest income on the available balance in the account. → False
Answers (1)
New Questions in Business
Yolanda buys a house in the mountains for $450,000 which she uses as her personal vacation home. she builds an additional room on the house for $40,000.
Answers (1)
Fleet Foot Shoes has been successful at differentiating itself from competitors by claiming a premium price for its athletic footwear based on superior design and high-quality materials.
Answers (1)
Which of the following statements is most likely true of market follower strategies? market followers have the resources to expand the market by developing new users, new uses, and more usage of its products.
Answers (1)
The return on a Futures contract A) is Highly related to the low margin requirement B) is always equal to or greater than zero C) Tends to be fairly stable from one trading day to the next D) is solely related to the current price of the underlying
Answers (1)
On October 15, 2018, a 5% stock dividend was declared and distributed. The fair value of the common stock on this date was $31.8 per share. Fractional share rights represented 100,000 shares. Cash was paid in lieu of issuing fractional share rights.
Answers (1)