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In this paper, we develop a novel framework for analyzing radio link level performance for opportunistic scheduling with automatic repeat request (ARQ)-based error control in multi-rate wireless networks. The multi-rate transmission is assumed to be achieved through adaptive modulation and coding (AMC) to adjust the transmission rate according to the channel condition. The residual error effect due to each AMC setting is counteracted by means of a limited persistence ARQ protocol. The novelty of the proposed analytical framework lies in the fact that we are able to derive complete statistics (in terms of probability mass function) for both short-term and long-term performance measures such as system throughput, per-flow throughput, inter-success delay under both uncorrelated and correlated wireless channels. These performance measures can also be obtained in case of non-identical channels for different users. Analytical results are validated through simulations and the impacts of channel behavior on the different radio link level performance metrics are investigated.