In Long-Run Competitive Equilibrium It Is Possible for Firm Owners

question 16

Multiple Choice

In long-run competitive equilibrium it is possible for firm owners to

• A)earn both rent and economic profit.
• B)earn rent but not economic profit.
• C)earn both economic profit and rent.
• D)both b and c
• E)both a and c

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Definitions:

Residual Degrees

Residual degrees, more commonly known as degrees of freedom in residuals, indicate the number of independent pieces of information available to estimate variability or error in statistical models.

Degrees of Freedom

The total number of individual elements or magnitudes that can alter within an examination without contravening any conditions.

Output

The final product, result, or amount produced by a process, system, or activity.

Multicollinearity

A statistical phenomenon where two or more independent variables in a regression model are highly correlated, potentially affecting the reliability of the model’s coefficients.