« previous next »

Author Question: In a competitive industry a. firms have no cost advantages b. some firms have cost advantages, ... (Read 96 times)

mynx

  • Hero Member
  • *****
  • Posts: 555
on: Jul 1, 2018
In a competitive industry
 a. firms have no cost advantages
 b. some firms have cost advantages, while others do not
  c. all the firms have highly differentiated products
 d. Consumers have strong preferences across brands

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 two of the bidders are high-value, what would the winning price be?
 a. Just above 100
  b. 100
 c. Just above 70
 d. 70


cclemon1

  • Sr. Member
  • ****
  • Posts: 312
Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Competitive drug enzyme immunoassay. Competitive drug enzyme immunoassay.
Competitive inhibitor Competitive inhibitor
Infant formula is available in several forms and varies in cost and ingredients Infant formula is available in several forms and varies in cost and ingredients
Cost Accounting: A Managerial Emphasis 16th Edition Cost Accounting: A Managerial Emphasis 16th Edition
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
Competitive firms and maximization Competitive firms and maximization
Video: Sperm Formation

For a complete list of videos, visit our video library