Ivan has inherited his grandmother's 1963 Chevrolet Corvette, which he values at $60,000. Samantha is interested in buying the car and offers Ivan $55,000 for the car. Samantha is willing to pay up to $60,000 for such a car. A voluntary economic positive economic surplus from the transaction. between Ivan and Samantha because exchange occurs; only Ivan receives does not occur; neither Ivan nor Samantha receives occurs; both Ivan and Samantha receive does not occur; only Samantha receives
Ivan has inherited his grandmother's 1963 Chevrolet Corvette, which he values at $60,000. Samantha is interested in buying the car and offers Ivan $55,000 for the car. Samantha is willing to pay up to $60,000 for such a car. A voluntary economic positive economic surplus from the transaction. between Ivan and Samantha because exchange occurs; only Ivan receives does not occur; neither Ivan nor Samantha receives occurs; both Ivan and Samantha receive does not occur; only Samantha receives
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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