Professor Ganji Jokes That There Is a -

question 57

Multiple Choice

Professor Ganji jokes that there is a -.85 correlation between the number of courses a student takes with him and the student's grade point average. Which of the following is the best interpretation of this statement?

• A) in general, the more courses that students take from professor Ganji the lower their grade point average
• B) the more courses students take from professor Ganji the higher their grade point average
• C) professor Ganji is an easy instructor
• D) students who take more of professor Ganji's class are guaranteed to have a higher grade point average

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Definitions:

Valid Generalization

A conclusion drawn from specific instances that is logically sound and supported by evidence.

Purely Competitive Seller

A market participant in an industry where many sellers offer identical products, and no single seller can influence the market price.

MR = MC Rule

An economic principle stating that profit maximization for a firm occurs when its marginal revenue (MR) equals its marginal cost (MC).

Purely Competitive Seller

A seller in a perfectly competitive market where the product offered has no differentiation, and the seller is a price taker with no control over the market price.