Suppose a regression with 51 observations returns a regression sum of squares of 56,000 and a total sum of squares of 250,000. The associated residual sum of squares is:

The above figure shows Jane's budget line and two of her indifference curves. Jane's marginal rate of substitution is

A) the rate at which she would give up a lobster dinner for a steak dinner and consider herself just as well off. B) equal to the ratio of the price of a steak dinner to the price of a lobster dinner when she is at her best affordable point. C) equal to 2 lobster dinners per steak dinner at her best affordable point. D) Both answers A and B are correct.

How do competitive firms try to achieve market power? What is one way they try to accomplish this?

What will be an ideal response?