?The difference between the LPM model and the logit and probit models is that:
A. ?the LPM assumes constant marginal effects for all the independent variables, while the logit and probit models imply diminishing magnitudes of the partial effects.
B. ?the LPM assumes constant marginal effects for some of the independent variables, while the logit and probit models imply diminishing magnitudes of the partial effects.
C. ?the LPM assumes constant marginal effects for the dependent variable, while the logit and probit models imply diminishing magnitudes of the partial effects.
D. ?the LPM assumes different marginal effects for all independent variables, while the logit and probit models imply diminishing magnitudes of the marginal effects.
Answer: A
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a. total profit brought about by selling one more unit of output. b. price brought about by selling one more unit of output. c. total revenue brought about by selling one more unit of output. d. output brought about by a $1 change in product price. e. average revenue brought about by selling one more unit of output.
Which of the following would be the best example of a spot market?
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