« previous next »

Author Question: In a competitive industry, the competitive firm's profits are a. independent of the industry in ... (Read 118 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?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Illicit drug use costs the United States approximately $181 billion every year.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Independent assortment of chromosomes at meiosis explains Mendel’s ratio Independent assortment of chromosomes at meiosis explains Mendel’s ratio
Independent assortment produces 50 percent recombinants Independent assortment produces 50 percent recombinants
competitive inhibition competitive inhibition
Gently squeeze/milk the arm with twisting motion. With oil or lotion on hands, use gentle but firm ... Gently squeeze/milk the arm with twisting motion. With oil or lotion on hands, use gentle but firm ...
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Industry is responsible for 21% of global greenhouse gas emissions Industry is responsible for 21% of global greenhouse gas emissions
Video: Fertilization and Development

For a complete list of videos, visit our video library