The Possibility of More Firms Entering an Industry in the Long

question 3

True/False

The possibility of more firms entering an industry in the long run tends to make long-run industry supply more price elastic than short-run industry supply.

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Definitions:

Confidence Estimate

A range or value that reflects the degree of certainty, or confidence, about a particular statistical parameter.

Margin of Error

A measure of the precision of a survey's results, representing the extent to which the survey results might differ from the actual population value.

Vitamin Supplements

Products taken orally that contain one or more vitamins or minerals intended to supplement one's diet.

Confidence Estimate

A numerical range or boundary calculated to predict where a certain population parameter is likely to fall with a specified level of certainty.