This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In a competitive industry a. firms sell more if price is above marginal cost b. firms sell more is ... (Read 132 times)

bobbysung

  • Hero Member
  • *****
  • Posts: 519
on: Jul 1, 2018
In a competitive industry
 a. firms sell more if price is above marginal cost
  b. firms sell more is price is below marginal cost
  c. firms sell less if price is above marginal cost
  d. none of the above

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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

TheDev123

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

b


bobbysung

  • Member
  • Posts: 519
Reply 2 on: Jul 1, 2018
Wow, this really help

Hdosisshsbshs

  • Member
  • Posts: 315
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Food policy can drive the food industry Food policy can drive the food industry
Price of Computers, 1982–2010 Price of Computers, 1982–2010
Cost of Copying for the Follower Country Cost of Copying for the Follower Country
Project Management: Achieving Competitive Advantage Project Management: Achieving Competitive Advantage
Cost of Going to School Cost of Going to School
Economic objectives of firms Economic objectives of firms
Video: Rena arc construction

For a complete list of videos, visit our video library