In each round of the market experiment you will be either a buyer or a seller. as a buyer, you will make a "bid," where you offer a price at which you agree to buy the product. as a buyer, before each round begins, you will be told the highest amount you are willing to pay (your willingness to pay (wtp)) for a single unit. you won't be able to offer an amount higher than your wtp. for example, if your wtp is $10.00, you cannot bid $10.01. your goal is to buy the good for the lowest price possible, in order to make your gains (the difference between an accepted bid and your wtp) as large as possible. in your second round as a buyer, your wtp will change.

as a buyer, you you offer a price at which you agree to the product
(a) a call, sell
(b) a bid, buy
(c) a purchase, bill
(d) none of the above

While cell phones with holographic keyboards are currently in the introduction stage of the industry life cycle, tablet computers are in the growth stage. in the context of this scenario, which of the following statements is true? a. the industry for cell phones with holographic keyboards will face greater competition than the tablet industry. b. while the industry for cell phones with holographic keyboards will focus more on product innovation, the tablet industry will focus more on process innovation. c. while the industry for cell phones with holographic keyboards can reap the benefits of economies of scale, the tablet industry will experience no such benefits. d. the industry for cell phones with holographic keyboards will face price competition, whereas, in the tablet industry, the mode of competition will be non-price.