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Sublight2097 Sublight2097
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8 years ago
A customer at an auction who obtains an antique chair by outbidding several other prospective purchasers
A) may be paying more than the opportunity cost of obtaining the chair.
B) pays a price other than opportunity cost.
C) pays more than its real cost of his bid exceeds the original cost of the chair plus the cost of running the auction.
D) pays the opportunity cost of the last disappointed bidder.
Textbook 
The Economic Way of Thinking

The Economic Way of Thinking


Edition: 13th
Authors:
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SmooothSmoooth
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#1
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8 years ago
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Sublight2097 Author
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#2
8 years ago
My mind was going in all different directions trying to figure this one out. Thanks so much.
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#3
8 years ago
My pleasure Happy Dummy
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