If an Industry Is in Long-Run Perfectly Competitive Equilibrium

question 245

Multiple Choice

If an industry is in long-run perfectly competitive equilibrium

• A)all firms will be earning economic profits.
• B)most firms will be earning economic profits.
• C)a few firms will be earning economic profits.
• D)no firm will be earning an economic profit.

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Definitions:

Control Group

In experimental research, a group of subjects that does not receive the treatment being tested, used as a benchmark to measure the effect of the treatment on another group.

Operational Definition

A clear, precise description of a variable in terms of the procedures or operations used to measure or identify it.

Anxiety

Anxiety is a mental health disorder characterized by feelings of worry, anxiety, or fear that are strong enough to interfere with one's daily activities.

Empirically Tested

Examined or verified through observation and experimentation rather than through theory or pure logic.