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

Author Question: When firms in an industry are selling similar products, and they agree to share the market, A) ... (Read 94 times)

elizabeth18

  • Hero Member
  • *****
  • Posts: 559
on: Jun 29, 2018
When firms in an industry are selling similar products, and they agree to share the market,
 
  A) each firm earns a profit even though marginal cost is greater than marginal revenue.
  B) each firm secures a net revenue about as large as it would have received if it were the only seller.
  C) they try to keep each firm's price above its marginal cost.
  D) they tend to produce higher prices and larger output.
  E) the agreement will enforce itself because none of the firms will have an interest in triggering a competitive struggle.

Question 2

The average (mean) price of ten commodities is 330. If an eleventh commodity whose price is 600 is included in the calculation, the new average is:
 
  A) 254.54.
  B) 354.54.
  C) 330.35.
  D) 450.25.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bblaney

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


elizabeth18

  • Member
  • Posts: 559
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

CAPTAINAMERICA

  • Member
  • Posts: 325
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

GI endoscopy. (a) Similar to other forms of GI endoscopy, laparoscopy involves the insertion of a sp GI endoscopy. (a) Similar to other forms of GI endoscopy, laparoscopy involves the insertion of a sp
Major inner membrane transport systems for respiratory substrates and products Major inner membrane transport systems for respiratory substrates and products
Share of Hours Worked by Education Level, 1940–2008 Share of Hours Worked by Education Level, 1940–2008
Share of Human Capital in Wages in Advanced Countries Share of Human Capital in Wages in Advanced Countries
Competitive firms and maximization Competitive firms and maximization
Markets and Institutions Market Story Problem Markets and Institutions Market Story Problem
Video: ETC Protein Complexes & Chemiosmosis (Total ATP Production and ATP Synthase)

For a complete list of videos, visit our video library