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 113 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

xthemafja

  • Member
  • Posts: 348
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

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?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

A guanacaste tree, Enterolobium cyclocarpum, growing in Costa Rica. Guanacaste trees, which produce A guanacaste tree, Enterolobium cyclocarpum, growing in Costa Rica. Guanacaste trees, which produce
A Fischer-Tropsch processing plant is able to produce a variety of fuels from coal. A Fischer-Tropsch processing plant is able to produce a variety of fuels from coal.
Large-scale circulation systems produce global climate patterns Large-scale circulation systems produce global climate patterns
Close analysis verbs Close analysis verbs
Product Rule Product Rule
GloFish, marketed as the world’s first GM pet, are a controversial product of genetic engineering GloFish, marketed as the world’s first GM pet, are a controversial product of genetic engineering
Video: What Are Carbohydrates? Importance of Carbs & High Carb Food

For a complete list of videos, visit our video library