Firms in industries that have competitors but do not face so much competition that they are price takers are operating in either a(n)
a. oligopoly or perfectly competitive market.
b. oligopoly or monopoly market.
c. oligopoly or monopolistically competitive market.
d. monopoly or monopolistically competitive market.
c
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You have obtained data on test scores and student-teacher ratios in region A and region B of your state. Region B, on average, has lower student-teacher ratios than region A. You decide to run the following regression
Yi = ?0+ ?1X1i + ?2X2i + ?3X3i+ui where X1 is the class size in region A, X2 is the difference between the class size between region A and B, and X3 is the class size in region B. Your regression package shows a message indicating that it cannot estimate the above equation. What is the problem here and how can it be fixed? Explain the problem in terms of the rank of the X matrix. What will be an ideal response?
An input is indivisible if:
A. it cannot be increased to produce a larger quantity of output. B. it cannot be used as a substitute for other inputs in the production process. C. it is sufficiently inexpensive to purchase that firms will want to buy as much as they can. D. it cannot be scaled down to produce a smaller quantity of output.