In a Competitive Industry Where the Typical Firm Is Making

question 22

Multiple Choice

In a competitive industry where the typical firm is making economic profit,

• A)entry occurs as long as economic profit can be made.
• B)entry occurs until supply equals demand.
• C)entry occurs until price equals minimum average variable cost.
• D)entry occurs until price equals marginal cost.
• E)exit occurs as firms are sold to the highest bidders.

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Definitions:

Manipulation Checks

Procedures used in experimental research to determine whether the experimental manipulations have the intended effect on the study subjects.

Research Participants

Individuals or entities that take part in a scientific study and provide data or insights for analysis.

Causation

The action or occurrence of causing a result or effect, indicating a direct relationship between an event and its consequences.

Dependent Variable

A variable whose values change as a result of changes in another (independent) variable.