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Author Question: In the long run, in a competitive industry a. economic profits are zero b. firms break even c. ... (Read 35 times)

Starlight

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on: Jul 1, 2018
In the long run, in a competitive industry
 a. economic profits are zero
  b. firms break even
 c. price equals average cost
  d. all of the above

Question 2

In an auction where the bidders values are 400, 500, 650, 800 and 850, the highest two bidders form a bid-rigging cartel. What would be the winning bid in this auction?
 a. 501
  b. 651
  c. 801
  d. 846


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covalentbond

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Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


Starlight

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

dreamfighter72

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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