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

Author Question: Phil's filling station gas station operates on a patch on the highway in a patch where there were no ... (Read 141 times)

future617RT

  • Hero Member
  • *****
  • Posts: 543
on: Jul 1, 2018
Phil's filling station gas station operates on a patch on the highway in a patch where there were no gas stations close by. It enjoyed high profits. After a while, Glen's gas another gas station opened up close by. The profits for the first gas station are likely to decrease because
 a. it has to lower prices, since its product is now more price elastic
  b. It has to lower prices since its product is now more price inelastic
  c. due to the increased availability of substitutes
 d. both A&C

Question 2

Is this outcome efficient?
 a. Yes because both of them are maximizing their payoffs
 b. No, because both of them can do better than their current equilibrium
  c. No, because cheating is goodNo, because cheating is good
 d. All of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

matt

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


future617RT

  • Member
  • Posts: 543
Reply 2 on: Jul 1, 2018
:D TYSM

CAPTAINAMERICA

  • Member
  • Posts: 325
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

A space-filling model of the DNA double helix A space-filling model of the DNA double helix
Identify the structures shown below by filling in the blanks. Identify the structures shown below by filling in the blanks.
Identify the structures shown below by filling in the blanks. Identify the structures shown below by filling in the blanks.
Phil Collins - Another Day In Paradise Phil Collins - Another Day In Paradise
A commercial eyewash station. In a medical office, the eyewash station is likely to be attached to a A commercial eyewash station. In a medical office, the eyewash station is likely to be attached to a
Baby Station Baby Station
Video: Tuberculosis Testing

For a complete list of videos, visit our video library