Of the Following Industries, Which Are Perfectly Competitive? for Those

question 123

Essay

Of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why.
a.Restaurants
b.Corn
c.College education
d.Local radio and television

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Definitions:

Chi-Squared Test

A statistical test used to determine if there is a significant difference between observed frequencies and expected frequencies in one or more categories.

Degrees of Freedom

The amount of separate values or quantities that can be given to a statistical distribution.

P-Value

The p-value is a measure in statistical hypothesis testing that indicates the probability of obtaining test results at least as extreme as the ones observed, assuming the null hypothesis is true.

Level of Significance

The threshold under which a statistical result is considered statistically significant, traditionally set at 0.05 or 5%.