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If the minimum that the Smith family would be willing to sell their house for is $185,000, but they in fact sell it for $210,000, they will receive:

Question

If the minimum that the Smith family would be willing to sell their house for is 185,000,buttheyinfactsellitfor185,000, but they in fact sell it for 210,000, they will receive:

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Solution

The Smith family will receive 210,000fromthesaleoftheirhouse.Thisisbecausethesellingpriceofthehouseiswhatthebuyerpaystotheseller.Eventhoughtheminimumamounttheywerewillingtoacceptwas210,000 from the sale of their house. This is because the selling price of the house is what the buyer pays to the seller. Even though the minimum amount they were willing to accept was 185,000, they actually sold it for $210,000, so that's the amount they will receive.

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