If We Are Testing the Significance of the Independent Variable $\beta$

question 81

Multiple Choice

If we are testing the significance of the independent variable X₁ and we reject the null hypothesis H₀: $\beta$ ₁ = 0,we conclude that:

• A)X₁ is significantly related to y.
• B)X₁ is not significantly related to y.
• C)X₁ is an unimportant independent variable.
• D)\(\beta\)₁ is significantly related to the dependent variable y.

Explain the role of marginal cost in a firm’s decision-making process.

Determine the shut-down price and break-even price for firms.

Understand the assumptions underlying the model of perfect competition.

Analyze the supply curve of a firm and industry in perfect competition.

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