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6. Supply and Demand — End of Chapter Problem In the United States, the biggest shopping day each year is "Black Friday," the day after Thanksgiving. Every Black Friday, the local branch of a major retailer makes this offer to the public: the first 100 54-inch HD flat-screen televisions sold will sell at the discounted price of $50 each. Customers line up before the store opens its doors to take advantage of this tremendous bargain. a. In this scenario, what is the "price" of a 54-inch flat-screen television? The "price" is $100, not the discounted sticker price of $50. The "price" is the sticker price plus the value of the time a customer must spend waiting in line. The "price" is the value of the time a customer must spend waiting in line. The "price" is the sticker price of $50. b. Suppose the retailer offers the first 500, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _. c. Now suppose the retailer offers the first 50, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _.

          6. Supply and Demand — End of Chapter Problem
    
    In the United States, the biggest shopping day each year is "Black Friday," the day after Thanksgiving. Every Black Friday, the local branch of a major retailer makes this offer to the public: the first 100 54-inch HD flat-screen televisions sold will sell at the discounted price of $50 each. Customers line up before the store opens its doors to take advantage of this tremendous bargain.
    
    a. In this scenario, what is the "price" of a 54-inch flat-screen television?
    
    The "price" is $100, not the discounted sticker price of $50.
    
    The "price" is the sticker price plus the value of the time a customer must spend waiting in line.
    
    The "price" is the value of the time a customer must spend waiting in line.
    
    The "price" is the sticker price of $50.
    
    b. Suppose the retailer offers the first 500, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _________________.
    
    c. Now suppose the retailer offers the first 50, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _________________.

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