If You Have a Correlation of 0

question 34

Multiple Choice

If you have a correlation of 0.5 between two variables

• A) It is not significant
• B) It is definitely significant
• C) Its significance level depends on the number of observations
• D) You need post-hoc testing to determine significance.

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Definitions:

Total Revenues

The sum of all income generated by a company through its business activities, typically from the sale of goods and services before any costs or expenses are deducted.

Price-Inelastic

Describes a situation where the demand for a good or service is relatively unresponsive to changes in its price.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a given period.

Price-Elasticity Coefficients

Numerical values that measure the responsiveness of quantity demanded or supplied to a change in price; they help in assessing how price changes impact demand or supply levels.