In a competitive industry a. firms sell more if price is above ...

[bobbysung]

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

[TheDev123]

Answer to Question 1

a

Answer to Question 2

b

[bobbysung]

Excellent

[shailee]

Thanks for the timely response, appreciate it