If some firm in an industry has the production function F(x, y)= x^3/4 y^3/4, where x and y are the only two inputs in producing the good, then that industry cannot be competitive in the long run.

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In a competitive industry, firms must be able to enter and exit freely. However, if some firms have a production function that gives them a cost advantage over other firms, then new firms will not be able to enter the industry and existing firms will not be able to exit. This will lead to a situation where the industry is not competitive in the long run.

If Some Firm in an Industry Has the Production Function