Which of the Following Statements Is (Are)true Concerning a Pure

question 21

Multiple Choice

Which of the following statements is (are) true concerning a pure competition situation?

• A) Its demand curve is represented by a vertical line.
• B) Firms must sell at or below market price.
• C) Marginal revenue is equal to price.
• D) both b and c
• E) both a and b

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Definitions:

Factorial Experiment

An experimental setup that investigates the effects of multiple factors by varying them simultaneously and systematically, to analyze their interactions and single effects.

Two-way Factor ANOVA

A statistical test used to determine the effect of two nominal predictor variables on a continuous outcome variable.

Interact

To act in such a way as to have an effect on another; in statistical terms, it often refers to variables that affect each other’s outcomes.

Two-way ANOVA

An analytical method used to evaluate how two categorical variables influence a continuous dependent variable.