Which of the following statements is true regarding a scatter diagram?
A) It provides very little information about the relationship between the regression variables.
B) It is a plot of the independent and dependent variables.
C) It is a line chart of the independent and dependent variables.
D) It has a value between -1 and +1.
E) It gives the percent of variation in the dependent variable that is explained by the independent variable.
B
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Sellers should know that the less elastic the demand for their product is, the more advantageous it is for them to ________
A) drop the price B) raise the price C) maintain the price D) discontinue the item E) bundle the item with another product
Over the long run, fluctuations in demand due to seasonality are greater than those due to randomness
Indicate whether the statement is true or false.