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Author Question: In a competitive industry, the competitive firm's profits are a. independent of the industry in ... (Read 93 times)

rl

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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

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

d


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rl

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Reply #2 on: Jul 1, 2018
Thank you


Kdiggy

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Reply #3 on: Jul 1, 2018
No problemo


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