A 0-1 Variable,also Called a Binary Variable,is a Variable That

question 10

True/False

A 0-1 variable,also called a binary variable,is a variable that must equal 0 or 1.

Analyze the effects of market competition on product variety, price, and profitability.

Comprehend the role of elasticity of demand in setting prices for different consumer groups.

Understand the long-run equilibrium conditions in competitive markets and the role of economic profits.

Identify factors affecting the entry and exit of firms in a market.