The Entry of Firms into a Perfectly Competitive Industry Causes

question 117

Multiple Choice

The entry of firms into a perfectly competitive industry causes the supply curve to

• A)increase its slope.
• B)decrease its slope.
• C)move toward the right.
• D)move toward the left.

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Definitions:

Salary

Rate of pay per week, month, or year worked.

Job-based Pay Structure

A compensation system where wages are determined by the specific job or task an employee is assigned to, rather than their individual performance or seniority.

Null Hypothesis

An assumption that there is no significant difference or effect, used as the starting point for statistical testing.

Probability

A measure of the likelihood that a particular event will occur, often expressed as a number between 0 and 1.