In the long run, in a competitive industry a. economic profits ...

[Starlight]

In the long run, in a competitive industry
 a. economic profits are zero
  b. firms break even
 c. price equals average cost
  d. all of the above

Question 2

In an auction where the bidders values are 400, 500, 650, 800 and 850, the highest two bidders form a bid-rigging cartel. What would be the winning bid in this auction?
 a. 501
  b. 651
  c. 801
  d. 846

[covalentbond]

Answer to Question 1

d

Answer to Question 2

b

[Starlight]

Thanks for the timely response, appreciate it

[diana chang]

Gracias!