The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7
-Under long-run equilibrium in perfect competition, each firm operates at the minimum point of its average-variable-cost curve.
Definitions:
External Validity
The extent to which the results of a study can be generalized to other situations, people, settings, and times.
Experimental Design
The planning of an experiment to ensure that it can test hypotheses effectively and produce valid and reliable results.
Attrition
The loss of participants during the course of a study, which can potentially bias the results.
Maturation
The process of growth or development, often in the context of organisms or psychological development in research.
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