Which of the Following Is True About a Perfectly Competitive

question 196

Multiple Choice

Which of the following is true about a perfectly competitive firm in the long run and in the short run?

• A)The supply curve in the short run is usually steeper than the supply curve in the long run.
• B)The supply curve in the short run is usually flatter than the supply curve in the long run.
• C)The demand curve in the short run is usually steeper than the marginal cost curve in the long run.
• D)The supply curve in the short run is usually steeper than the average total cost curve in the long run.

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Definitions:

Mean Square

A measure used in ANOVA that is calculated by dividing the sum of squares by its degrees of freedom.

Levels

Different values or categories that a variable can take, often used in the context of categorical variables in research.

dfWG

Degrees of freedom within groups, a term used in statistical analysis, particularly ANOVA, to indicate the number of independent pieces of information available to estimate variances within the groups.