In Order to Make Better-Than-Chance Predictions, the Pearson R Must

question 9

Multiple Choice

In order to make better-than-chance predictions, the Pearson r must be

• A) positive
• B) greater than .70
• C) greater than .90
• D) significant

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Definitions:

Equilibrium Price

A pricing point in the market where the volume of goods on offer is equal to the volume of goods sought after.

Shortage of Strawberries

A situation where the demand for strawberries exceeds the supply available in the market, often leading to increased prices and unmet consumer demand.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.

Shortage

A market condition where the demand for a product exceeds the supply of that product, often leading to higher prices.