Firms in a Perfectly Competitive Industry

question 143

Multiple Choice

Firms in a perfectly competitive industry

• A)will earn an economic profit of zero in the long run.
• B)will always earn a profit in the short run.
• C)may earn either an economic profit or a loss in the long run.
• D)will always earn an economic profit in the long run.

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Definitions:

Mean

A statistical measure that represents the average value of a set of numbers.

Set of Data

A collection of data points or values that have been gathered to provide information for analysis.

Median

The middle value in a sorted list of numbers, which separates the higher half from the lower half of the dataset.

Mean

The calculation of the arithmetic average involves adding up all the values in a series and dividing the total by the quantity of numbers.