Which of the following is considered to be a fixed cost of operating an automobile?
a. Gasoline.
b. Tires.
c. Oil change.
d. Maintenance.
e. Registration fees.
e
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Misspecification of functional form of the regression function
A) is overcome by adding the squares of all explanatory variables. B) is more serious in the case of homoskedasticity-only standard error. C) results in a type of omitted variable bias. D) requires alternative estimation methods such as maximum likelihood.
Which of the following is true about advertising by a firm?
a. It is not always successful in increasing demand for a firm's product. b. It attempts to increase demand and to make demand more inelastic. c. It may reduce per unit costs of production when economies of scale are experienced. d. All of these.
In a market characterized by a single seller and many buyers, will a seller's initiative to improve the quality of its product at a higher cost of production be profitable?
Indifference curves that cross violate the property of
a. the marginal rate of substitution. b. transitivity. c. indifference curves bowing inward. d. They do not violate any properties of indifference curves.