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A perfectly competitive firm faces a demand curve that is
Cumulative Probability
The probability that a random variable takes on a value less than or equal to a specific value, used to understand the likelihood of different outcomes.
Monte Carlo Simulation
A computational algorithm that uses repeated random sampling to obtain numerical results, especially to calculate risks and uncertainties in predictive and forecasting models.
Cumulative Probability
The probability of obtaining a result equal to or less than a specific value within a statistically distributed set of data.
Demand Probability
The likelihood or chance that a product or service will be desired or required by the market at a certain time.
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