What is meant by the term "long-run competitive equilibrium?
What will be an ideal response?
Long-run competitive equilibrium refers to the situation in which the entry and exit of firms to and from a market results in the typical firm breaking even.
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The ratio of the regression coefficient to its standard error is called:
A) t-statistic. B) F-statistic. C) partial F-statistic. D) coefficient of determination.
Suppose a production possibilities frontier (PPF) has been plotted on a graph. If the horizontal axis of the graph measures the output of capital goods and the vertical axis measures the output of consumer goods, then a point outside the PPF represents: a. a smaller quantity of consumer goods than that represented by a point inside the PPF. b. an inefficient output combination of the two goods
in the economy. c. an unattainable output combination of the two goods in the economy. d. an output combination of more consumer goods than capital goods. e. a smaller quantity of capital goods than that represented by a point inside the PPF.