In a Long-Run Equilibrium Where Firms Have Identical Costs, It

question 21

True/False

In a long-run equilibrium where firms have identical costs, it is possible that some firms in a competitive market are making a positive economic profit.

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Definitions:

Vestibular Input

Sensory information from the inner ear that helps maintain balance and spatial orientation.

Cerebellum

A region of the brain that plays a significant role in motor control, and it may also be involved in some cognitive functions.

Motor Coordination

The harmonious functioning of muscles or groups of muscles for smooth and efficient movement, often involving the integration of sensory input with motor output.

Point Estimate

A single value (or point) estimate to summarize a likely value for a population parameter based on sample data.