Provide an Appropriate Response

question 88

Essay

Provide an appropriate response.
-Create a scatterplot that shows a perfect positive correlation between x and y. How would the scatterplot change if the correlation showed a)a strong positive correlation, b)a positive correlation, and c)no correlation?

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Definitions:

Absolute Advantage

A concept in international trade theory that occurs when a country can produce a good more efficiently and at a lower cost than another country.

Domestic Advantage

The competitive edge a company gains by operating within its home country, benefiting from familiar market conditions and regulations.

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.