This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In a competitive industry a. firms sell more if price is above marginal cost b. firms sell more is ... (Read 135 times)

bobbysung

  • Hero Member
  • *****
  • Posts: 519
on: Jul 1, 2018
In a competitive industry
 a. firms sell more if price is above marginal cost
  b. firms sell more is price is below marginal cost
  c. firms sell less if price is above marginal cost
  d. none of the above

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 high-value bidders, what would the winning bid be?
 a. Just above 100
  b. 100
 c. Just above 70
 d. 70


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

TheDev123

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

b


bobbysung

  • Member
  • Posts: 519
Reply 2 on: Jul 1, 2018
Excellent

ultraflyy23

  • Member
  • Posts: 312
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ... Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ...
Competitive firms and maximization Competitive firms and maximization
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Supine Position

For a complete list of videos, visit our video library