Systematic Error Is

question 1

Multiple Choice

Systematic error is

• A) random error that is often associated with the independent variable
• B) consistent error that is generally not associated with the independent variable
• C) another name for error variance
• D) generally more serious than error variance

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Definitions:

Pure Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.

Long-run Adjustments

Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.

Purely Competitive Industry

An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.