Pearson's R Is Used to Gauge the Strength of a Relationship

question 27

True/False

Pearson's r is used to gauge the strength of a relationship between two interval-level variables when performing correlation analysis.

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Definitions:

Elastic

A term used in economics to describe the sensitivity of the demand or supply of a good or service to changes in its price.

Perfectly Inelastic

A situation in which the quantity demanded or supplied does not change regardless of any change in price.

Fixed Number

A specific, unchanging quantity that does not vary under different conditions or over time.

Supply Curve

A graph showing the relationship between the price of a good and the amount of it that producers are willing to supply at those prices.