O Alex O Becky O Clancy O Eileen O Raphael O Susan Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $582,500. This fourth parcel v be sold, because v will purchase it from the seller for at least the minimum price.

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Chapter1: Making Economics Decisions
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Which of these people will buy one of the three beachfront parcels? Check all that apply.
O Alex
O Becky
O Clancy
O Eileen
O Raphael
O Susan
Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of
those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $582,500. This fourth
parcel
v be sold, because
v will purchase it from the seller for at least the minimum price.
O O O O O
Transcribed Image Text:Which of these people will buy one of the three beachfront parcels? Check all that apply. O Alex O Becky O Clancy O Eileen O Raphael O Susan Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $582,500. This fourth parcel v be sold, because v will purchase it from the seller for at least the minimum price. O O O O O
How prices allocate resources
opose that there are three beachfront parcels of land available for sale in Huntington and six people who would each like to purchase one
ume that the parcels are essentially identical and that the minimum selling price of each is $595,000. The following table states each per.
ingness and ability to purchase a parcel.
Willingness and Ability to Purchase
Person
(Dollars)
Alex
620,000
Becky
570,000
Clancy
540,000
Eileen
530,000
Raphael
750,000
Susan
660,000
Transcribed Image Text:How prices allocate resources opose that there are three beachfront parcels of land available for sale in Huntington and six people who would each like to purchase one ume that the parcels are essentially identical and that the minimum selling price of each is $595,000. The following table states each per. ingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Alex 620,000 Becky 570,000 Clancy 540,000 Eileen 530,000 Raphael 750,000 Susan 660,000
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