Dummy Variables Are Also Called All of the Names Below

question 111

Multiple Choice

Dummy variables are also called all of the names below except ________.

• A)binary
• B)instrumental
• C)quantitative
• D)dichotomous

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Definitions:

Maximizing Profit

The process or strategy of increasing the difference between total revenue and total costs to achieve the highest possible financial gain.

Competitive Price-Searcher

A market condition where firms actively seek out prices that will maximize their profits in environments with some level of competition.

Positive Profit

Refers to the financial gain that occurs when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the business.

Price-Searcher Firm

A company that operates in a market where it has some degree of control over the price of its products, due to the uniqueness of its offerings or market conditions.