Consider the market for used motor bikes. Buyers want and are willing to pay as much as $5,000 for a high quality used bike. Buyers are willing to pay $0 for low quality bikes. Sellers of high quality bikes are willing to sell at a price of no less than $4,000. Sellers of low quality bikes are willing to sell for a price no less than $ 2,000. The percentage of high quality bike on the market has to be GREATER THAN which percentage for the market to persist? A. none of the available options. B. 80%. C. 50%. D. 40%.
Consider the market for used motor bikes. Buyers want and are willing to pay as much as $5,000 for a high quality used bike. Buyers are willing to pay $0 for low quality bikes. Sellers of high quality bikes are willing to sell at a price of no less than $4,000. Sellers of low quality bikes are willing to sell for a price no less than $ 2,000. The percentage of high quality bike on the market has to be GREATER THAN which percentage for the market to persist? A. none of the available options. B. 80%. C. 50%. D. 40%.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the market for used motor bikes. Buyers want and are willing to pay as much as $5,000 for a high quality used bike. Buyers are willing to pay $0 for low quality bikes. Sellers of high quality bikes are willing to sell at a
A. none of the available options.
B. 80%.
C. 50%.
D. 40%.
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