Table 7-3
The only four consumers in a market have the following willingness to pay for a good:
-Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for
A)$15 or slightly less.
B)$25 or slightly more.
C)$35 or slightly more.
D)$45 or slightly less.

Question

Table 7-3
The only four consumers in a market have the following willingness to pay for a good: 
-Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for
A)$15 or slightly less. 
B)$25 or slightly more. 
C)$35 or slightly more. 
D)$45 or slightly less.

Quizplus · Accepted Answer

The good will sell for $35 or slightly more because the highest bidder willing to pay for the single unit will determine the price, and the highest bid is $35.

Table 7-3 The Only Four Consumers in a Market Have the Following