The presence of association between two variables does not necessarily imply causation for the following reason(s):
a. the association between two variables may result simply from pure chance
b. the association between two variables may be the result of the influence of a third common factor
c. both variables may be the cause and the effect at the same time
d. a and b
e. a, b, and c
e
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State whether each of the following goods is nonrival, nonexcludable, or both:
a. a botanical garden b. a public beach c. a congested interstate highway d. a toll bridge e. street lights
Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee falls from $6 to $4, the market quantity demanded would
A) decrease by 89 lbs. B) increase by 110 lbs. C) increase by 61 lbs. D) increase by 26 lbs.