Which of the Following Regression Models Is Used to Model

question 44

Multiple Choice

Which of the following regression models is used to model a nonlinear relationship between the independent and dependent variables by including the independent variable and the square of the independent variable in the model?

• A)a multiple regression model
• B)quadratic regression model
• C)a simple regression model
• D)a least squares regression model

---

Definitions:

Inefficiently Low Quality

A form of inefficiency in which sellers offer low-quality goods at a low price even though buyers would prefer a higher quality at a higher price; often a result of a price ceiling.

Allocation

The process of distributing resources or goods among different uses, users, or parties in a way that optimally meets criteria or objectives.

Mandated Price

A price set by government regulation or law, rather than determined by market forces of supply and demand.

Health Costs

Expenses related to maintaining the health of individuals, including medical care, medications, and hospital services.