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Author Question: In a competitive industry a. firms have no cost advantages b. some firms have cost advantages, ... (Read 59 times)

mynx

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  • Posts: 555
on: Jul 1, 2018
In a competitive industry
 a. firms have no cost advantages
 b. some firms have cost advantages, while others do not
  c. all the firms have highly differentiated products
 d. Consumers have strong preferences across brands

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


cclemon1

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

a

Answer to Question 2

b


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