In the Long Run,an Entrepreneur Who Owns a Perfectly Competitive

question 139

True/False

In the long run,an entrepreneur who owns a perfectly competitive firm will earn no income from that firm.

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Definitions:

Continuous Random Variable

A continuous random variable is a variable that can take an infinite number of values within a given range where each value is measurable.

Continuum

A continuous sequence or range of values where there is no clear division between one state and the next.

Standard Normal Random Variable

A normal distribution with a mean of zero and a standard deviation of one, used in statistical analysis.

P

In statistics, typically refers to the p-value, which measures the probability of observing a statistical summary as extreme as the one observed, under the null hypothesis.