Rachel walked up and down the aisles at Costello's Watercraft. She wanted something she and her husband, Arnel, could enjoy during their summer at the family lake house.The clerk pointed to a brand-new canoe. "This is our top seller. Dependable, good reviews, comes with a ten-year warranty."But while Rachel was inspecting the canoe, another customer approached her."Are you sure you want to spend all that money on a canoe? I've got an old pedal boat I could sell you for a quarter of the price," he offered.Later that day, Rachel and Arnel went to the man's house to check out the pedal boat. It had a lot of dents, and the man admitted that he hadn't taken it out on the water in three years. But the price was too good to beat."The boat would be sold in the condition it's in," the man warned. "All sales final."But Rachel and Arnel were already talking about the fishing gear they could buy with the money they would be saving. They bought the pedal boat immediately.When summer arrived, Arnel took the boat for a test run on the lake, while Rachel watched from the shoreline. The boat hardly went fifty feet before the front started sinking. Rachel's summer fantasy sunk along with it. She remembered the brand-new canoe she'd passed up and felt foolish. The pedals stuck as the boat sunk deeper, and Arnel had to swim back to shore.At least the fishing rods worked. Rachel and Arnel spent the summer catching perch and shaking their heads over their mistake.Which of the following best describes the main theme or lesson of the story?If you don't do your research, people will take advantage of you.Trying too hard to save money can cost you.Deep down, people always know what is truly best for themselves.Submit

Select the quotation from the story that most strongly suggests that the theme is Trying too hard to save money can cost you.Rachel and Arnel spent the summer catching perch and shaking their heads over their mistake.The clerk pointed to a brand-new canoe. "This is our top seller. Dependable, good reviews, comes with a ten-year warranty."The boat hardly went fifty feet before the front started sinking. Rachel's summer fantasy sunk along with it.Submit

Jennifer is looking to sell her one-person Laser sail boat, which she has kept in excellent condition. Ordinarily this type of sail boat sells second-hand for $2,000 but as Jennifer has looked after hers extremely well, she will only want to sell it for $2,400. Tom is looking to buy a second-hand sail boat and is willing to pay up to $2,600 for a boat in excellent condition. Tom has no inexpensive way to determine whether Jennifer's boat is in good condition or not. Answer the following questions: Thinking like an economist, would Tom definitely buy the boat from Jennifer? . Type Y for Yes or N for No. What is the DWL, as a result of the inefficiency caused by the asymmetric information, if Tom did not buy the boat at Jennifer’s price? $. Answer to the nearest whole dollar (with no decimal places). Over the next few months, if the proportion of sailboats on the market that are in excellent condition like Jennifer's falls from 25% to 11%, the second hand market for these sail boats best fits what description? . Type in M for Moral hazard, A for Asymmetric information, C for Competitive market, L for Lemons Model, P for Principal agent issue.

Rachel _____ have brought the bicycle, but she didn’t have enough money. (could/should)

Jack is an art collector. He likes to buy expensive paintings. One day his sister, Mary, invites him over to her house for coffee. During coffee, Jack notices an expensive painting on the wall of her home. Mary tells Jack she inherited it from her best friend. Jack asks Mary, “Would you be willing to sell it to me?” Mary replies, “I actually have it listed online for sale on Ebay for $150,000. However, you can buy it for $140,000.” Jack says, “$140,000 sounds a little expensive. How about $120,000?” Mary responds, “Yes. That’s a deal. I will deliver it to your address by next week.” Jack writes Mary a cheque for $120,000 and gives the cheque to her. On the way home, Jack remembers that the painting was surrounded by a very old and damaged frame. When he gets home, he phones Mary to ask if she could have a new frame put on the painting. Mary says, “Yes, I will have a new frame put on the painting for you. The new frame will be delivered with the painting next week.” When the painting arrives the following week, Jack sees that it is still surrounded by the old frame. Jack is upset. He phones Mary and says that he either wants his money back, or wants the painting re-framed. Advise Mary if she formed a contract with Jack for the sale of the painting. Also advise Mary whether her promise to re-frame the painting can be enforced. In your answer, only discuss the content in Contract Law 1.(use ILAC answer)

What did Kino do when he found out his canoe was damaged?