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MGE Quiz1

MGE Quiz1 - A price-taking firm can exert no control over...

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A price-taking firm can exert no control over price because Correct Answer: E. Both C and D. Which of the following is NOT one of features characterizing market structures? Correct Answer: A. The level of capital investment in research and development. Economic profit is Correct Answer: D. The difference between total revenue and the opportunity cost of all of the resources used in production. question 4 A firm is experiencing theft problems at its warehouse. A consultant to the firm believes that the dollar loss from theft each week (T) depends on the number of security guards (G) and on the unemployment rate in the county where the warehouse is located (U measured as a percent). In order to test this hypothesis, the consultant estimated the regression equation T = a + bG + cU and obtained the following results: Dependent Variable: T R-Square F-Ratio P-Value on F Observations: 27 0.7793 42.38 0.0001 Variable Parameter Estimate Standard Error T-Ratio P-Value Intercept 5150.43 1740.72 2.96 0.0068 G -480.92 130.66 -3.68 0.0012 U 211.0 75.0 2.81 0.0096 Which of the following is correct at the 5% level of significance? Correct Answer: D. All of the above. Question 5 1 out of 1 points If an analyst believes that more than one explanatory variable explains the variation in the dependent variable, what model should be used? Correct Answer: B. A multiple regression model. Question 7 1 out of 1 points Which of the following statements represents bad decision making? Correct Answer: E. All of the above.

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MGE Quiz1 - A price-taking firm can exert no control over...

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