John is looking to sell his car and Mary is looking to buy it. John values the car at $2000 and Mary values it at $3000. John offers to sell it to Mary at a price of $3500. Which of the following is true: O Mary will accept the offer and the total surplus will be $1000 Mary will not accept the offer and the total surplus will be 0. O Mary will accept the offer but the total surplus will be less than $1000 O Mary will not accept the offer and the total surplus will be $1000. O None of the above

John is looking to sell his car and Mary is looking to buy it. John values the car at $2000 and Mary values it at $3000. John offers to sell it to Mary at a price of $3500. Which of the following is true: O Mary will accept the offer and the total surplus will be $1000 Mary will not accept the offer and the total surplus will be 0. O Mary will accept the offer but the total surplus will be less than $1000 O Mary will not accept the offer and the total surplus will be $1000. O None of the above

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 4PA

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