Two Variables Are Positively Related If

question 71

Multiple Choice

Two variables are positively related if

• A)increases in one are associated with decreases in the other.
• B)increases in one are associated with increases in the other.
• C)decreases in one are associated with increases in the other.
• D)any change in one causes an increase in the other.
• E)any change in one causes a decrease in the other.

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Definitions:

Market Demand

The aggregate amount of a product or service all buyers in a market are prepared to buy at different price points.

Competitive Industry

An industry structure where many firms compete for market share, with no single firm dominating the market.

Product Price

The amount of money charged for a single unit of a product, determined by various factors including production costs, demand, and competition.

Economic Resources

Resources that are available to firms and individuals, such as labor, capital, and land, used to produce goods and services.