A sudden fall in the market demand in a competitive industry ...

[mynx]

A sudden fall in the market demand in a competitive industry leads to
 a. A short run market equilibrium price higher than the original equilibrium
  b. A market equilibrium price higher than the short run price
 c. New firms entering the market
 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 bidders, and both the bidders have low values, she would earn ___ from the auction.
 a. Just above 100
  b. 100
 c. Just above 70
 d. 70

[Liddy]

Answer to Question 1

b

Answer to Question 2

d

[mynx]

Excellent

[kusterl]

Thanks for the timely response, appreciate it