The least squares regression is based on:
A) maximizing the absolute sum of squares errors.
B) minimizing the absolute sum of squares errors.
C) maximizing the sum of squared errors.
D) minimizing the sum of squared errors.
D
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For many products, such as fast foods, a variety of prices can be found, but sellers with higher prices can expect to sell their products because
A) arbitrage will quickly eliminate price differences. B) their demand is perfectly inelastic. C) firms differentiate products in many ways, for example, higher-priced fast food restaurants may offer better service. D) consumers are not sensitive to prices.
A benefit-based standard is one that
a. considers the benefits balanced with the costs of that standard b. maximizes the marginal external benefit (MEB) of the standard c. is set to the point at which MEB is zero d. none of the above