Long-Run Competitive Equilibrium

question 76

Multiple Choice

Long-run competitive equilibrium

• A) is realized only in constant-cost industries.
• B) will never change once it is realized.
• C) is not economically efficient.
• D) results in zero economic profits.

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Definitions:

Grand Mean

The mean of means, calculated by taking the average of several group means, used in statistical analysis to summarize overall data.

Significance Level

See alpha level.

Type I Error

A statistical error occurring when a true null hypothesis is incorrectly rejected.

Type II Error

A statistical mistake occurring when a test fails to reject a false null hypothesis, incorrectly indicating no effect or difference when one actually exists.