Consider the Following Statements When Answering This Question: I

question 46

Multiple Choice

Consider the following statements when answering this question: I. In the long run, if a firm wants to remain in a competitive industry, then it needs to own resources that are in limited supply.
II) In this competitive market our firm's long-run survival depends only on the efficiency of our production process.

• A) I and II are true.
• B) I is true, and II is false.
• C) I is false, and II is true.
• D) I and II are false.

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Definitions:

Random Variable

A variable whose outcomes are determined by chance, used in probability theory and statistics.

Independent

Not influenced or controlled by others; in statistics, two variables are independent if the occurrence of one does not affect the probability of occurrence of the other.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean, used as an indicator of uncertainty or volatility.

Binomial Distribution

A probability distribution that describes the number of successes in a fixed number of independent trials, each with the same probability of success.