Elly needs to get her leaking faucet repaired as soon as possible She gets in touch with a plumber who asks for an unreasonably high fee
Elly needs to get her leaking faucet repaired as soon as possible. She gets in touch with a plumber who asks for an unreasonably high fee. If no other plumber is available for work, who has a higher bargaining power? Explain your answer.
12) Mike went to a shop to buy a pair of gloves. Who will have a higher bargaining power if the seller knows that Mike needs the gloves urgently?
13) Who has a higher bargaining power if the demand for the good being transacted is price elastic?
14) Harry and his wife are looking for a new house. However, they cannot decide where to buy the house. Harry wants to live in Santa Cruz while his wife wants to live in Ontario. If Harry values living in Santa Cruz at $10,000 and his wife values living in Ontario at $15,000, in which place are they likely to buy a house?