When Conducting a Loglinear Analysis, If Our Model Is a Good

question 8

Multiple Choice

When conducting a loglinear analysis, if our model is a good fit of the data then the goodness-of-fit statistic for the final model should be:

• A)Non-significant (p should be bigger than .05)
• B)Significant (p should be smaller than .05)
• C)Greater than 5
• D)Less than 5 but greater than 1

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Definitions:

Pure Monopolist

A single seller in a market with no close substitutes for the product or service offered, leading to significant control over prices and market conditions.

Inelastic Segment

A range on the demand curve where the quantity demanded changes little when the price changes.

Price-Quantity Combination

A specific pairing of price and quantity that appears on the supply or demand curve, representing a potential market transaction.

Imperfectly Competitive

Describes markets where individual buyers or sellers have some control over the price of goods and services due to a lack of perfect competition, often resulting in market power and price distortion.