Suppose you are estimating demand relationships, where you are attempting to identify the effect of price on quantity sold (i.e., Qi = ?0 + ?1Pricei + Ui). It will often be the case that the use of an instrumental variable for price will likely yield a coefficient (for ?1) that relates to the use of multiple regression in what way?
A. Is lower, because price and Ui are likely negatively correlated.
B. Is lower, because price and Ui are likely positively correlated.
C. Is higher, because price and Ui are likely negatively correlated.
D. Is higher, because price and Ui are likely positively correlated.
Answer: B
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