sdoed blackboard goid aye glasses D City-Mesa-Miramar Continuing Ed My Instituti

Question

sdoed blackboard goid aye glasses D City-Mesa-Miramar Continuing Ed My Institution Open OnDemand e so INQUIZITIVE Chapter 4: Market Outcomes and Tax Incidence gero e Page(s) 116-118 4.2. When is a market eflicient? Joe wants to buy a baseball at for no more than $30, the sporting goods store in town sells bats for $50. What can we assume about Joe's decision to buy a bat? Drog wordla) below to ill in the blankfs) in the passage Joe will act in a way thatisfor him because Joe is athat he will buy the bat.If Joe bought the bat, t would be an example of It is producer surplus* most difficult" unlikely voluntary consumer loss* best+ rational decision-makerlikely responsive consumer profit

Explanation / Answer

Answer.) Joe will act in a way that is BEST for him because Joe is a RATIONAL DECISION-MAKER. It is UNLIKELY that he will buy the bat. If Joe bought the bat, it would be example of VOLUNTARY CONSUMER LOSS.

(Since price of the bat is higher that Joe's maximum willingness to pay, therefore he will not buy the bat.)

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