This topic contains a solution. Click here to go to the answer

Author Question: In a competitive industry a. firms produce a product or service with very close substitutes b. the ... (Read 35 times)

SGallaher96

  • Hero Member
  • *****
  • Posts: 509
In a competitive industry
 a. firms produce a product or service with very close substitutes
  b. the firms products have a very elastic demand
 c. the firms have many rivals
 d. all of the above

Question 2

Anna's Antiques expects to get two 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 Anna holds an auction between the two customers, the expected value of this auction is
 a. 70
 b. 78
 c. 85
 d. 100



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Pariscourtney

  • Sr. Member
  • ****
  • Posts: 352
Answer to Question 1

d

Answer to Question 2

b




SGallaher96

  • Member
  • Posts: 509
Reply 2 on: Jul 1, 2018
Gracias!


duy1981999

  • Member
  • Posts: 341
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

For a complete list of videos, visit our video library