A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5. Eleven sellers are also willing to sell at the
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5. Eleven sellers are also willing to sell at the
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter10: Monopolistic Competition And Oligopoly
Section: Chapter Questions
Problem 16CTQ: Would you rather have efficiency or variety? That is, one opportunity cost of the variety of...
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![A market maker faces the following
demand and supply for widgets.
Eleven buyers are willing to buy at the
following prices: $15, $14, $13, $12,
$11, $10, $9, $8, $7, $6, $5. Eleven
sellers are also willing to sell at the
same prices. If the market maker
makes three transactions, what is his
total profit?
a.
$12
b.
$15
C.
$18
d.
$21](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F181bbc27-daf4-4df7-b545-70f978e8efba%2F79887189-b5c7-4de3-af07-8663d7b5ca64%2Fsbf9vpe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A market maker faces the following
demand and supply for widgets.
Eleven buyers are willing to buy at the
following prices: $15, $14, $13, $12,
$11, $10, $9, $8, $7, $6, $5. Eleven
sellers are also willing to sell at the
same prices. If the market maker
makes three transactions, what is his
total profit?
a.
$12
b.
$15
C.
$18
d.
$21
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