Which of the following is used to illustrate an independent relationship between two variables?
A. An upward-sloping curve
B. A downward-sloping curve
C. A hill-shaped curve
D. A horizontal or vertical line
Answer: D
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Which form of price regulation increases consumer well-being and allows the firm to stay in business?
A. Allow the firm to set its own rate of return. B. Set prices equal to marginal cost. C. Set prices equal to average cost. D. Set lower prices when efficiency improves.
The F-statistic is an alternative measure of goodness-of-fit of an estimated regression equation and defined as the:
A) variation not explained by the regression equation relative to the variation explained. B) variation explained by the regression equation to the variation not explained. C) variation explained. D) variation not explained.
A significant difference between monopoly and perfect competition is that:
A. profits are driven to zero in a monopolized industry but may be positive in a competitive industry. B. free entry and exit is possible in a monopolized industry but impossible in a competitive industry. C. competitive firms control market supply, but monopolies do not. D. the monopolist's demand curve is the industry demand curve, whereas the competitive firm's demand curve is perfectly elastic.
If a Proposer and a Responder are asked to split $100 in the ultimatum bargaining game, standard economic theory would predict that the Responder should:
A. reject any amount over $50. B. accept any amount offered by the Proposer. C. only accept an offer for exactly $50. D. reject any amount less than $50.