A Correlation Coefficient of -

question 29

True/False

A correlation coefficient of -.79 is a very weak relationship.

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Definitions:

Demand Function

A mathematical equation representing the relationship between the quantity demanded of a good and factors affecting its demand, such as price.

Inverse Demand

A representation of demand that expresses price as a function of quantity demanded, contrary to the typical demand function.

Inverse Supply

A concept in economics that describes a situation in which the supply of a good decreases as its price decreases, opposite to the normal supply behavior.

Tax

Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.