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

Author Question: Phil's filling station gas station operates on a patch on the highway in a patch where there were no ... (Read 79 times)

future617RT

  • Hero Member
  • *****
  • Posts: 543
on: Jul 1, 2018
Phil's filling station gas station operates on a patch on the highway in a patch where there were no gas stations close by. It enjoyed high profits. After a while, Glen's gas another gas station opened up close by. The profits for the first gas station are likely to decrease because
 a. it has to lower prices, since its product is now more price elastic
  b. It has to lower prices since its product is now more price inelastic
  c. due to the increased availability of substitutes
 d. both A&C

Question 2

Is this outcome efficient?
 a. Yes because both of them are maximizing their payoffs
 b. No, because both of them can do better than their current equilibrium
  c. No, because cheating is goodNo, because cheating is good
 d. All of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

matt

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


future617RT

  • Member
  • Posts: 543
Reply 2 on: Jul 1, 2018
:D TYSM

chjcharjto14

  • Member
  • Posts: 342
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Bacteria have been found alive in a lake buried one half mile under ice in Antarctica.

Did you know?

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

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

(A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re (A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re
Identify the structures shown below by filling in the blanks. Identify the structures shown below by filling in the blanks.
Atmospheric Gases Trapped in Ice at Vostok Station, Antarctica Atmospheric Gases Trapped in Ice at Vostok Station, Antarctica
A commercial eyewash station. In a medical office, the eyewash station is likely to be attached to a A commercial eyewash station. In a medical office, the eyewash station is likely to be attached to a
Santiago Calatrava, Port Authority Trans Hudson (PATH) station, World Trade Center site. Santiago Calatrava, Port Authority Trans Hudson (PATH) station, World Trade Center site.
Rotary engine operates on the four-stroke cycle but uses a rotor instead of a piston and crankshaft ... Rotary engine operates on the four-stroke cycle but uses a rotor instead of a piston and crankshaft ...
Video: Amniocentesis and CVS Animation

For a complete list of videos, visit our video library