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Unformatted text preview: A. Buyers place no value on a sales clerks knowledge. B. Sellers do better when customers are ignorant. C. Sellers believe that merchandise speaks for itself. D. Buyers can take advantage of a clerks knowledge without buying. ** 3. Suppose I offer you a gamble. A fair die is rolled. If the outcome is 1, you pay me $6. If the outcome is 2, 3, or 4, you pay me $1. If the outcome is 5 or 6, I pay you $8 What is the expected payout of the gamble? A. A loss of more than $1.17 B. A loss of $1.17 C. A gain of $1.17 ** D. A gain of more than $1.17...
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This note was uploaded on 07/28/2008 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.
- Spring '07