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Author Question: Why are prices for groceries and household items typically higher at a 24-hour convenience store ... (Read 113 times)

drink

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on: Jun 29, 2018
Why are prices for groceries and household items typically higher at a 24-hour convenience store compared to stores open from 6 am to 11 pm?
 
  A) Shoppers' options are generally fewer in the middle of the night.
  B) The elasticity of demand of the middle-of-the-night shopper is typically higher than the mid-day shopper's elasticity.
  C) The owners of the 24-hour stores are typically more selfish than the others.
  D) The owners of the 24-hour stores are more interested in maximizing net revenue compared to the others.

Question 2

Refer to the scenario above. Which of the following is likely to be true if Joe is known to be trustworthy?
 
  A) Multiple equilibria will occur.
  B) A Nash equilibrium will occur.
  C) A socially inefficient equilibrium will occur.
  D) A dominant strategy equilibrium will occur.


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jojobee318

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


drink

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Reply 2 on: Jun 29, 2018
Gracias!

ryansturges

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Reply 3 on: Yesterday
:D TYSM

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