« previous next »

Author Question: In a competitive industry, the competitive firm's profits are a. independent of the industry in ... (Read 106 times)

rl

  • Hero Member
  • *****
  • Posts: 579
on: Jul 1, 2018
In a competitive industry, the competitive firm's profits are
 a. independent of the industry in which they compete
 b. closely linked to the industry in which they compete
 c. determined only by their own differentiated product
 d. determined solely by the inelastic demand for their product

Question 2

Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of 100 or a low-value of 70 with equal probability. If three bidders show up at the auction and all of them are low-value bidders, what would the winning bid be?
 a. Just above 100
  b. 100
 c. Just above 70
 d. 70


Kdiggy

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

rl

  • Hero Member
  • *****
  • Posts: 579
Reply #2 on: Jul 1, 2018
Thank you


Kdiggy

  • Sr. Member
  • ****
  • Posts: 340
Reply #3 on: Jul 1, 2018
No problemo


« previous next »
 

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Independent assortment produces 50 percent recombinants Independent assortment produces 50 percent recombinants
Independent Assortment Independent Assortment
Independent Assortment p2 Independent Assortment p2
Meiosis Accounts for Independent Assortment of Alleles p1 Meiosis Accounts for Independent Assortment of Alleles p1
Industry is responsible for 21% of global greenhouse gas emissions Industry is responsible for 21% of global greenhouse gas emissions
Light-independent reactions in C4 plants Light-independent reactions in C4 plants
Video: Lower Limb Arteries Animation

For a complete list of videos, visit our video library