Regression analysis can best be described as
A) a statistical technique for estimating the best relationship between one variable and a set of other selected variables.
B) a statistical technique for determining the true values of variables.
C) a statistical technique for creating functional relationships among variables.
D) None of the above
Question 2
In the long run, the most helpful action that a monopolistically competitive firm can take to maintain its economic profit is to
A) continue its efforts to differentiate its product.
B) raise its price.
C) lower its price.
D) do nothing, because it will inevitably experience a decline in profits.
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