Which of the Following Factors Ensures That Economic Profit Will

question 27

Multiple Choice

Which of the following factors ensures that economic profit will be zero in the long run in a competitive industry?

• A)Each firm is small relative to the market.
• B)Each firm has access to perfect information.
• C)Goods produced in the market are homogeneous.
• D)Each firm is a price taker.
• E)There is easy entry and exit in the market.

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Definitions:

LSAT Scores

Numerical scores derived from the Law School Admission Test, used to assess law school applicants' readiness for law school admissions.

ANOVA

Stands for Analysis of Variance, a statistical method used to test differences between two or more group means.

Tukey's Method

A statistical test to identify outliers by comparing the spread of data sets.

Multiple Comparison Methods

Statistical procedures used to determine significant differences among group means in a dataset, where several groups are compared.