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 119 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
Great answer, keep it coming :)

DylanD1323

  • Member
  • Posts: 314
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Ventilation of the mammalian lung by negative pressure filling. Ventilation of the mammalian lung by negative pressure filling.
Transdermal patch administration: (b) patch immediately applied to clean, dry, hairless skin and lab Transdermal patch administration: (b) patch immediately applied to clean, dry, hairless skin and lab
Chinese workers on a railway in the far West. “Without them,” Leland Stanford, president of the Cent Chinese workers on a railway in the far West. “Without them,” Leland Stanford, president of the Cent
Risk & Aseptic Processing - RABs Filling Line Risk & Aseptic Processing - RABs Filling Line
A space-filling model of DNA. A space-filling model of DNA.
Twenty percent of the automobiles inspected at a state inspection station required repairs to ... Twenty percent of the automobiles inspected at a state inspection station required repairs to ...
Video: Natural Selection, Species Isolation and Real World Example

For a complete list of videos, visit our video library