Terry wants to sell his car and the lowest price he is willing to accept is $3,000.Alice likes the car and is willing to pay at most $4,000 for it.They begin to negotiate to arrive at a price.Which of the following statements will be true?

Question

Quizplus · Accepted Answer

In this scenario, Terry and Alice are engaging in a negotiation where the potential transaction can result in mutual benefit. Terry's minimum price is $3,000, and Alice's maximum willingness to pay is $4,000. This means any agreed price between $3,000 and $4,000 benefits both parties, making it a positive-sum game. The difference ($1,000) represents the potential total benefit that can be shared between them, not necessarily equally, depending on the final agreed price.

Terry Wants to Sell His Car and the Lowest Price