The following estimation methods should not be used to test for randomization when Xi, is binary:
A) linear probability model (OLS) with homoskedasticity-only standard errors.
B) probit.
C) logit.
D) linear probability model (OLS) with heteroskedasticity-robust standard errors.
Ans: A) linear probability model (OLS) with homoskedasticity-only standard errors.
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Which situation is most likely to exhibit diminishing marginal returns to labor?
A) a factory that obtains a new machine for every new worker hired B) a factory that hires more workers and never increases the amount of machinery C) a factory that increases the amount of machinery and holds the number of worker constant D) None of these situations will result in diminishing marginal returns to labor.
Due to free entry and exit in monopolistic competition, in the long run price must be equal to