In Regression Analysis, the Variables Used to Help Explain or Predict

question 12

Multiple Choice

In regression analysis, the variables used to help explain or predict the response variable are called the:

• A) independent variables
• B) dependent variables
• C) regression variables
• D) statistical variables

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Definitions:

Consumer Surplus

The variance between the sum consumers are ready and able to spend on a good or service and what they really pay.

Producer Surplus

The gap between the amount producers are prepared to accept for a product or service and the actual payment they get.

Maximum Sum

The largest possible aggregate or total achieved from combining specific elements or numbers.

Output

The amount of goods or services produced by a firm, industry, or economy within a given period, an indicator of productivity.