Refer to Scenario 2. What percentage of the variation in the dependent variable, Market Value, is explained by the regression model?
What will be an ideal response?
The coefficient of determination is .555762 or 55.5762 percent of the variation in Market Value is explained by the regression model.
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The long-run aggregate supply curve is ________, while the long-run Phillips curve is ________
A) vertical; also vertical B) positively sloped; negatively sloped C) positively sloped; positively sloped D) vertical; negatively sloped
Which of the following statements with respect to the monopolist is FALSE?
A) A monopolist can make higher profits if it can price discriminate. B) A monopoly tends to result in a lower quantity being sold than perfect competition does. C) Monopoly is a situation in which a single firm dominates. D) A monopoly arises in a situation with few barriers to entry into the marketplace.
When entry of new firms decreases input prices in an industry, it is a(n)
a. increasing cost industry. b. decreasing cost industry. c. constant cost industry. d. input elastic industry.
Have you ever bought a good by exchanging a piano for it? Unlikely. Economists emphasize this point when they discuss the degree to which an asset can easily be used as money. They refer to the asset's
a. liquidity b. convertibility c. availability d. medium of exchange e. thriftiness