« previous next »

Author Question: In a competitive industry, the competitive firm's profits are a. independent of the industry in ... (Read 99 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?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Independent assortment of chromosomes at meiosis explains Mendel’s ratio Independent assortment of chromosomes at meiosis explains Mendel’s ratio
Meiosis Accounts for Independent Assortment of Alleles Meiosis Accounts for Independent Assortment of Alleles
The Acheulean industry is typified by hand axes and cleavers. The Acheulean industry is typified by hand axes and cleavers.
One-handed kneading. Tissues are lifted with the whole hand in firm contact. One-handed kneading. Tissues are lifted with the whole hand in firm contact.
Mendel’s observations about segregation and independent assortment are explained by the behavior ... Mendel’s observations about segregation and independent assortment are explained by the behavior ...
Competitive firms and maximization Competitive firms and maximization
Video: Hypoglycemia Animation

For a complete list of videos, visit our video library