Refer to the accompanying figure to answer the following questions.
-The long-run market supply curve would be a horizontal line
Definitions:
Mean
The arithmetic average of a set of numbers, calculated by summing all the numbers and then dividing by the count of the numbers.
Mean
The arithmetic average of a set of numbers, calculated by dividing the sum of the values by the number of values.
Probability
A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
Standard Deviations
A measure of the amount of variation or dispersion of a set of values from the mean.
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