In a Modern Market Economy,most of the Answers to the Questions

question 95

Multiple Choice

In a modern market economy,most of the answers to the questions of what to produce,how to produce it,and who should get the production are made by

• A) governments.
• B) individuals.
• C) firms.
• D) both B and C

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Definitions:

Prediction Interval

A range within which a future observation or outcome is expected to fall, with a certain probability.

Simple Linear Regression

A statistical method to model the relationship between two variables by fitting a linear equation to observed data.

Least Squares

A mathematical approach to find the best-fitting curve to a given set of points by minimizing the sum of the squares of the offsets ("the residuals") of the points from the curve.

Statistical Software

Computer programs designed for performing statistical analysis on data, including computations of descriptive statistics, inferential statistics, and graphically representing data.