You are lying on the beach on a hot day. All you have to drink is ice water. For the last hour you have been thinking about how much you would enjoy a nice cold bottle of your favorite brand of soft drink. A companion gets up to go make a phone call and offers to bring back a soft drink from the only nearby place where soft drinks are sold, [a fancy resort hotel] [a small, run-down grocery store]. He says that the soft drink might be expensive and so asks how much you are willing to pay for it. He says that he will buy the the soft drink if it costs as much or less than the price you state. But if it costs more than the price you state he will not buy it. You trust your friend and there is no possibility of bargaining with the [bartender] [store owner]. What price do you tell him? Your Answers: $ 1.60 $ 10.33