The person responsible for beginning to privatize China's economy since the mid-1970s is

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. What is the expected revenue from setting the price at $70?

a. $60 b. $70 c. $80 d. $100

Firms have a competitive advantage when

a. They can deliver the same product benefits as their competitors but at a lower cost b. They can deliver superior product at a similar cost c. Both of the above d. None of the above