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Author Question: In the long run, in a competitive industry a. economic profits are zero b. firms break even c. ... (Read 82 times)

Starlight

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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



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covalentbond

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Answer to Question 1

d

Answer to Question 2

b




Starlight

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)


okolip

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Reply 3 on: Yesterday
:D TYSM

 

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