Author Question: In a competitive industry a. the industry has high barriers to entry b. the industry has high ... (Read 118 times)

crobinson2013 · **on:** Jul 1, 2018

In a competitive industry
a. the industry has high barriers to entry
b. the industry has high barriers to exit
c. the industry has high barriers to entry and exit
d. the industry has no barriers to entry or exit

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 two of the bidders are low value, what would the winning price be?
a. Just above 100
b. 100
c. Just above 70
d. 70