The Scatter Diagram Above Shows the Actual Data for the Price

question 18

Multiple Choice

The scatter diagram above shows the actual data for the price and quantity demanded of a product.
-Refer to the scatter diagram above. The scatter diagram suggests all of the following, except which one?

• A)The R² is likely to be greater when an nonlinear demand curve is estimated compared to a straight- line demand curve.
• B)The estimated demand will have a negative slope.
• C)A straight- line demand curve is likely to be a better fit to the actual data compared to a nonlinear demand curve.
• D)The R² is likely to be greater when a straight- line demand curve is estimated compared to a nonlinear demand curve.

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Definitions:

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