« previous next »

Author Question: In a competitive industry, the competitive firm's profits are a. independent of the industry in ... (Read 73 times)

rl

  • Hero Member
  • *****
  • Posts: 579
on: Jul 1, 2018
In a competitive industry, the competitive firm's profits are
 a. independent of the industry in which they compete
 b. closely linked to the industry in which they compete
 c. determined only by their own differentiated product
 d. determined solely by the inelastic demand for their product

Question 2

Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of 100 or a low-value of 70 with equal probability. If three bidders show up at the auction and all of them are low-value bidders, what would the winning bid be?
 a. Just above 100
  b. 100
 c. Just above 70
 d. 70


Kdiggy

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

rl

  • Hero Member
  • *****
  • Posts: 579
Reply #2 on: Jul 1, 2018
Thank you


Kdiggy

  • Sr. Member
  • ****
  • Posts: 340
Reply #3 on: Jul 1, 2018
No problemo


« previous next »
 

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

A cross of sweet peas showing that independent assortment does not always occur A cross of sweet peas showing that independent assortment does not always occur
competitive inhibition competitive inhibition
Part A - Reviewing independent assortment of alleles Part A - Reviewing independent assortment of alleles
Effects of competitive inhibition on enzyme kinetics Effects of competitive inhibition on enzyme kinetics
Competitive firms and maximization Competitive firms and maximization
Trihybrid cross to verify independent assortment Trihybrid cross to verify independent assortment
Video: Summation - defined, spatial, temporal & AP generation or not

For a complete list of videos, visit our video library