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The incomes of a group of 50 loan applicants are obtained. Which level of measurement is income?
Competitive Industry
An industry characterized by many firms offering similar or slightly differentiated products, leading to a high degree of competition and typically lower prices.
Increasing-cost Industry
An industry in which the costs of production increase as the industry expands, often due to limitations in resources or factors of production.
Long-run Supply Curve
A graphical representation showing the relationship between price and quantity supplied over a longer period, when all inputs can be varied.
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