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Consider a consumer who is searching for the lowest price for good X. The consumer knows that 75 percent of the time she will find
Consider a consumer who is searching for the lowest price for good X. The consumer knows that 75 percent of the time she will find a store charging $10 and 25 percent of the times she will find a store charging $7. The expected benefit from an additional search is Multiple Choice $2.25. $0. $0.75. $3
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Microeconomics
Authors: Christopher T.S. Ragan, Richard G Lipsey
14th canadian Edition
321866347, 978-0321866349
