In the market for used cars we have 10 sellers,willing to sell at the prices of $1000,$2000,$3000,$4000,$5000,$6000,$7000,$8000,$9000,$10000.What could the market price be in order to induce five sellers to offer their cars for sale?

Question

​In the market for used cars we have 10 sellers,willing to sell at the prices of $1000,$2000,$3000,$4000,$5000,$6000,$7000,$8000,$9000,$10000.What could the market price be in order to induce five sellers to offer their cars for sale?

Quizplus · Accepted Answer

To induce five sellers to offer their cars for sale, the market price needs to be just above the fifth lowest price, which is $5000. Therefore, $5001 is the correct answer as it would motivate the sellers of cars priced at $1000, $2000, $3000, $4000, and $5000 to sell.

​In the Market for Used Cars We Have 10 Sellers,willing

In the Market for Used Cars We Have 10 Sellers,willing