In Perfect Competition, One Result of the Model Was That

question 122

Essay

In perfect competition, one result of the model was that there were no economic profits in the long run.In a monopoly, the firm typically earns a positive economic profit.Why is there this difference?

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Definitions:

Standard Deviation

A measure of the dispersion or variability within a set of data points, indicating how much individual data points differ from the mean of the data set.

Raw Scores

The original, unadjusted scores obtained directly from a test or assessment.

Test-retest Reliability

The consistency of a measure assessed over time with the same participants.

SAT Type Score

A standardized score typically associated with college admissions tests like the SAT, used to compare students' academic aptitude.