In Explaining Starting Salaries for Graduates of Psychology Programs,which of the Following

question 93

Multiple Choice

In explaining starting salaries for graduates of psychology programs,which of the following independent variables would not best be represented with dummy variables?

• A)Marital status
• B)Grade point average
• C)Race
• D)Gender

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Definitions:

Total Costs

Total costs encompass the sum of all expenses incurred by a business in the production and sale of goods or services.

Fixed Cost

Costs that do not change with the level of production or sales, such as rent or salaries.

Marginal Costs

The cost incurred by producing one additional unit of a product or service.

Total Variable Cost

The sum of all costs that vary with the level of output in the short run.