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In perfect competition,each firm produces a product that is clearly differentiated from the products of other firms in the same market.
Level of Learning 1: Knowledge of key terms
Criterion-Related Validation
A method of assessing the effectiveness of a test or selection procedure by comparing its results with job performance indicators.
Qualitative Data
Non-numerical information that describes attributes or characteristics, typically gathered through interviews, observations, and textual analysis.
Predictor Scores
Quantitative or qualitative evaluations used to forecast the likelihood of a candidate's success in a job role or an educational program.
Outcome Criteria
Measures or standards used to evaluate the effectiveness or success of a program, activity, or intervention.
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