Consider the Following Statements When Answering This Question: I

question 48

Multiple Choice

Consider the following statements when answering this question: I. If a technology exhibits diminishing returns then it also exhibits decreasing return to scale.
II) If a technology exhibits decreasing returns to scale then it also exhibits diminishing returns.

• A) I is true, and II is false.
• B) I is false, and II is true.
• C) Both I and II are true.
• D) Both I and II are false.

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Definitions:

Correlation Coefficient

Represented by r, it is a number between −1 and 1, inclusive, that is used to judge how closely a line fits the data.

Median

The middle value in a data set when the values are arranged in ascending or descending order.

Discretionary Expense

Non-essential spending or expenses that an individual chooses to make, which can be cut without impacting their ability to cover basic living costs.

Measures Of Central Tendency

Single numbers, such as the mean, median, and mode, designed to represent a “typical” value for the data.