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

Author Question: In a competitive industry a. firms produce a product or service with very close substitutes b. the ... (Read 71 times)

SGallaher96

  • Hero Member
  • *****
  • Posts: 509
on: Jul 1, 2018
In a competitive industry
 a. firms produce a product or service with very close substitutes
  b. the firms products have a very elastic demand
 c. the firms have many rivals
 d. all of the above

Question 2

Anna's Antiques expects to get two 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 Anna holds an auction between the two customers, the expected value of this auction is
 a. 70
 b. 78
 c. 85
 d. 100


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Pariscourtney

  • Sr. Member
  • ****
  • Posts: 352
Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


SGallaher96

  • Member
  • Posts: 509
Reply 2 on: Jul 1, 2018
Excellent

chjcharjto14

  • Member
  • Posts: 342
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Vasectomy. (a) Vas deferens is located within the spermatic cord on both sides. (b) A small incision Vasectomy. (a) Vas deferens is located within the spermatic cord on both sides. (b) A small incision
The Procedure Used to Produce Conditioned Emotional Responses The Procedure Used to Produce Conditioned Emotional Responses
Washing hands and removing jewelry are two important safety habits all service technicians ... Washing hands and removing jewelry are two important safety habits all service technicians ...
A close relationship between greenhouse gas emissions and a country’s gross domestic product A close relationship between greenhouse gas emissions and a country’s gross domestic product
Wages and Machines in the Textile Industry, 1910 Wages and Machines in the Textile Industry, 1910
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Video: Four Giant Convection Cells oF Earth

For a complete list of videos, visit our video library