« previous next »

Author Question: In a competitive industry, the competitive firm's profits are a. independent of the industry in ... (Read 92 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?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Independent assortment produces 50 percent recombinants Independent assortment produces 50 percent recombinants
bio industry bio industry
Competitive inhibition Competitive inhibition
The impact of industry and manufacturing on our life The impact of industry and manufacturing on our life
Industry is responsible for 21% of global greenhouse gas emissions Industry is responsible for 21% of global greenhouse gas emissions
Light-independent reactions of photosynthesis Light-independent reactions of photosynthesis
Video: How antibiotics works? 💊

For a complete list of videos, visit our video library