When P < ATC in the Long Run,a Perfectly Competitive

question 17

True/False

When P < ATC in the long run,a perfectly competitive firm experiences economic profit and new firms will enter the market.

---

Definitions:

Sample Mean

The average value calculated from a sample of a population.

Sampling Distribution

The probability distribution of a statistic obtained through a large number of samples drawn from a specific population.

Simple Random Samples

A subset of a population where every member has an equal chance of being selected, ensuring unbiased representation.

Standard Error

A measure of the sampling variability of an estimator, indicating the uncertainty around the estimate of a population parameter.