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To test the effect of an informal atmosphere on class performance, Professor Hall dresses in shorts and bare feet for his morning class and in conventional clothing for his afternoon class. He then counts the number of "intelligent questions" in each class and reports more in the class for which he wore shorts. What are the two things wrong with this experiment?
Average Total Cost
The total cost of production divided by the quantity of output produced.
Perfectly Competitive
A market structure characterized by many buyers and sellers, all of whom are selling identical products, with no single buyer or seller able to influence the market price.
Short-run Industry Supply
The total quantity of goods that producers are willing and able to supply at different prices in a market during a short-term period.
Perfectly Competitive Market
A market scenario where conditions of perfect competition are met, including many buyers and sellers, freedom of entry and exit, and products that are perfect substitutes.
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