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Author Question: The gap between the actual and predicted values of a dependent variable is called A) the error ... (Read 47 times)

MGLQZ

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on: Jul 1, 2018
The gap between the actual and predicted values of a dependent variable is called
 
  A) the error term.
  B) an exogenous factor.
  C) the residual.
  D) an endogenous factor.

Question 2

If MRS > MRT, then the consumer is better off than at equilibrium.
 
  Indicate whether the statement is true or false


laurnthompson

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

False . MRS > MRT implies that the consumer values the next unit of x more than it costs to obtain it. That is, there is a gain from trade to be made. As more x is purchased, MRS falls and eventually MRS = MRT. At this point, all gains from trade have been made.


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