Author Question: In the long run, in a competitive industry a. economic profits are zero b. firms break even c. ... (Read 70 times)

Starlight · **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