Omitted variables
A) can cause hypothesis tests to be unreliable.
B) require multiple regression analyses to find.
C) are usually those with t-statistics less than the critical value.
D) are usually outside the confidence interval.
A
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If new firms enter a perfectly competitive industry, the market supply
A) does not change. B) becomes more price elastic. C) becomes more price inelastic. D) increases. E) decreases because each firm produces less than before the entry.
What is the difference between an "increase in demand" and an "increase in quantity demanded"?
A) An "increase in demand" is represented by a movement along a given demand curve, while an "increase in quantity demanded" is represented by a rightward shift of the demand curve. B) There is no difference between the two terms; they both refer to a movement downward along a given demand curve. C) An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve. D) There is no difference between the two terms; they both refer to a shift of the demand curve.