A Variable That Has Two Distinct Levels That Are Coded

question 55

Multiple Choice

A variable that has two distinct levels that are coded as either zero or one is called a(n) ____.

• A)regression variable
• B)dummy variable
• C)MANOVA variable
• D)ANOVA variable

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Definitions:

Average-Total-Cost Curve

A graphical representation showing the relationship between the average total cost of producing a good and the quantity of the good produced.

Diminishing Marginal Product

A principle stating that, holding all else constant, an increase in the quantity of one input will eventually lead to lower additional output per unit of input.

Marginal Product

The extra production that comes from using an additional unit of input, while keeping other inputs unchanged.

Total Cost Curve

A graphical representation of the total cost of production, which shows how total cost changes as the quantity of output changes.