« previous next »

Author Question: In a competitive industry a. firms have no cost advantages b. some firms have cost advantages, ... (Read 113 times)

mynx

  • Hero Member
  • *****
  • 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

  • Sr. Member
  • ****
  • Posts: 312
Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The word drug comes from the Dutch word droog (meaning "dry"). For centuries, most drugs came from dried plants, hence the name.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

The Acheulean industry is typified by hand axes and cleavers. The Acheulean industry is typified by hand axes and cleavers.
Cost Savings with an EHR System Cost Savings with an EHR System
Advantages and DisAdvantages of Radiant super-heater Advantages and DisAdvantages of Radiant super-heater
Competitive drug enzyme immunoassay. Competitive drug enzyme immunoassay.
Project Management: Achieving Competitive Advantage, 5th Edition Project Management: Achieving Competitive Advantage, 5th Edition
A company that makes cell phones has the following cost structure. They have fixed costs of ... A company that makes cell phones has the following cost structure. They have fixed costs of ...
Video: Introduction to Human Immunodeficiency Virus (HIV)

For a complete list of videos, visit our video library