Ray sells Michelle his baseball card collection for $100. Later, Ray looks up some of his cards on a baseball card website and finds out that his collection was really worth $500. Ray has made a mistake of

Question

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Ray has made a mistake of value, which occurs when there is an incorrect assessment of the worth or value of something. In this case, Ray underestimated the value of his baseball card collection.

Ray Sells Michelle His Baseball Card Collection for $100