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Author Question: In a competitive industry a. firms produce a product or service with very close substitutes b. the ... (Read 37 times)

SGallaher96

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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


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Pariscourtney

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

d

Answer to Question 2

b


SGallaher96

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Reply 2 on: Jul 1, 2018
Wow, this really help

Dominic

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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