In Long-Run Competitive Equilibrium, a Firm That Owns Factors of Production

question 164

Multiple Choice

In long-run competitive equilibrium, a firm that owns factors of production will have an:

• A) economic profit = $0 and accounting profit > $0.
• B) economic profit > $0 and accounting profit = $0.
• C) economic and accounting profit = $0.
• D) economic and accounting profit > $0.
• E) economic and accounting profit can take any value.

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Definitions:

σ

Denotes the standard deviation in statistics, a measure of the dispersion or variability of a set of values.

Null Hypotheses

A statement or hypothesis set for statistical testing, positing that there is no significant difference or effect.

Alternative Hypotheses

In hypothesis testing, it is the statement that suggests a possible relationship between variables or a difference in groups, contrasting the null hypothesis.

Heart Rate

The number of heartbeats per unit of time, usually expressed in beats per minute (bpm).