A Regression Analysis Between Sales (In $1000)and Price (In Dollars)resulted

question 133

Multiple Choice

A regression analysis between sales (in $1000) and price (in dollars) resulted in the following equation

= 60 - 8X
The above equation implies that an

• A)increase of $1 in price is associated with a decrease of $8 in sales
• B)increase of $8 in price is associated with an decrease of $52,000 in sales
• C)increase of $1 in price is associated with a decrease of $52 in sales
• D)increase of $1 in price is associated with a decrease of $8000 in sales

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Definitions:

Cautious Decisions

Decisions made with careful consideration of potential risks and consequences to minimize the likelihood of adverse outcomes.

Group Polarization

Group polarization describes the phenomenon where a group's prevailing attitudes or beliefs become more extreme after group discussions or interactions.

Bystander Effect

This refers to the social psychology concept where the presence of bystanders reduces the probability of someone stepping forward to aid a person in need.

Groupthink

A phenomenon occurring within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.