Suppose We Have Data for 1000 Students for a Period

question 32

Multiple Choice

Suppose we have data for 1000 students for a period of one year. The data show that those students who spend more hours studying have a higher grade point average (GPA) . We can say that

• A)there is a positive correlation between hours of study time and GPA.
• B)more hours spent studying leads to a higher GPA.
• C)if hours of study time increase, then GPA will automatically increase.
• D)there is a causal relationship between hours of study time and GPA.
• E)having a higher GPA leads students to spend more time studying.

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Definitions:

Deadweight Loss

The loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

Monopoly

A market configuration where there is only one seller offering a distinct product, without any similar alternatives available in the market.

Profit Maximization

The process or strategy employed by a firm to determine the price and output level that leads to the highest profit.

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Hats adorned with the logo of the Saints, likely referring to a sports team, designed for fans and supporters.