6.Supply and Demand End of Chapter Problem

In the United States, the biggest shopping day each year is "Black Friday," the day after Thanksgiving. Every Black Friday, the local branch of a major retailer makes this offer to the public: the first 100 54inch HD flatscreen televisions sold will sell at the discounted price of $50 each. Customers line up before the store opens its doors to take advantage of this tremendous bargain.

a.In this scenario, what is the "price" of a 54inch flatscreen television?

The "price" is $100, not the discounted sticker price of $50.

The "price" is the sticker price plus the value of the time a customer must spend waiting in line.

The "price" is the value of the time a customer must spend waiting in line.

The "price" is the sticker price of $50.

b.Suppose the retailer offers the first 500, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _________________.

c.Now Suppose the retailer offers the first 50, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _________________.