Which of the Following Is a Characteristic of a Perfectly

question 6

Multiple Choice

Which of the following is a characteristic of a perfectly competitive industry in long-run equilibrium?

• A)A profit-maximizing firm may produce any output level at which P < LRATC.
• B)Every firm produces at an output level at which MC > LRATC.
• C)Firms will continue to enter or exit the industry.
• D)No firm earns an economic profit.
• E)Every firm earns an economic profit.

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Definitions:

Participants

Individuals who take part in a study or experiment, providing data for analysis.

Groups

Collections of subjects, items, or categories that are studied in research or statistical analyses.

One-way ANOVA

A statistical test used to determine if there are statistically significant differences between the means of three or more independent groups based on one variable.

F-ratio

The F-ratio is a statistic used to compare variances across groups, often in ANOVA, to test if the means of several groups are equal.