State University recently randomly sampled seven students and analyzed grade point average (GPA)and number of hours worked off-campus per week.The following data were observed: 
In regression model with HOURS as the independent variable has an R-square equal to approximately .46.
Definitions:
Monopolistically Competitive
A market structure in which many firms sell products or services that are similar but not identical, allowing for competition on factors other than price.
Entry Barriers
Refers to obstacles that prevent or hinder new competitors from easily entering an industry or area of business.
Long-run Equilibrium
Long-run equilibrium occurs when all producers in a market are producing at their minimum long-run average cost, and no new firms wish to enter or exit the market.
Average Cost
The total cost of production divided by the number of goods produced, also known as unit cost.
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