A Quantitative Variable Which Can Have Only the Values of Zero

question 40

True/False

A quantitative variable which can have only the values of zero (0) or one (1) and which is used to represent a qualitative variable is known as a (1, 0) dummy variable.

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Definitions:

Downward-Sloping Demand

A representation of the inverse relationship between price and quantity demanded, depicted as a descending line on a graph.

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical, allowing for some market power and differentiated competition.

Monopoly

A situation where a single company or group exclusively controls the supply of a particular product or service, limiting competition.

Soft Drinks

Non-alcoholic beverages, typically carbonated, which do not contain alcohol but may include caffeine and added sugar or sweeteners.