Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. Suppose that the first week of summer, Jenny charged 25 cents for an 8-ounce cup of lemonade, her next-door neighbor Sam charged 50 cents for an 8-ounce cup of lemonade, and Alex across the street charged 15 cents for an 8-ounce cup of lemonade. Assuming the market for lemonade is perfectly competitive, what is most likely to happen?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Catherine decided to have lunch at tom's, one of the most popular restaurants in town. she ordered soup before her main course as usual. the soup served to catherine contained a maggot floating about in it.
Answers (1)
Training provides opportunities for employees to develop the job-specific skills, experience, and knowledge they need to do their jobs or improve their performance. True False
Answers (1)
Consider a firm with an annual net income of $20 million, revenue of $60 million and cost of goods sold of $25 million.
Answers (2)
How are the fundamental economic decisions determined in canada? a. the government decides because canada is a centrally planned economy. b. the united nations decides because canada is a developing economy. c.
Answers (1)
Modern Railways Co. operates a cargo railroad service between New York and Boston. A train owned by Modern Railways derails due to a rare maintenance problem.
Answers (1)
New Questions in Business
For a portfolio of 40 randomly selected stocks, which of the following is most likely to be true? a. The beta of the portfolio is less than the weighted average of the betas of the individual stocks. b.
Answers (1)
What publication can give you an idea of how administrative jobs are going to change in the future? A: Office Pro B: Occupational Outlook Handbook C: From 9 to 5 D: The Executary
Answers (1)
At a four-way stop, if two cars arrive at the intersection at the same time: A) the larger car has the right of way B) the vehicle on the right yields to the vehicle on the left C) the smaller car has the right of way D) the vehicle on the left
Answers (1)
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted.
Answers (1)
Zappos, the online shoe and clothing marketer, promises free shipping and free returns on any of its products, no questions asked. This is an example of how Zappos has a strong competitive advantage through
Answers (1)