A Qualitative Variable Such as Gender Can Be Included in Regression

question 61

True/False

A qualitative variable such as gender can be included in regression analysis and is referred to as a dummy variable.

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Definitions:

Lowest Price

the minimum price at which a product or service is offered in the market.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive, due to higher market prices.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.

Efficiency

The ability to produce maximum output with a given set of inputs or resources, minimizing waste and costs.