The Supply Curve Illustrates

question 41

Multiple Choice

The supply curve illustrates:

• A) that limited resources are available for society to use.
• B) the relationship between the quantity supplied and the price of a good.
• C) the total cost of producing a good.
• D) the willingness to produce a good if the technology to produce it becomes available.

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Definitions:

Dependent Variable

The outcome factor whose variations are studied to determine the effect of one or more independent variables.

Independent Variable

A variable presumed to influence or determine the value of another variable, often called the dependent variable.

Coefficient Of Correlation

A statistical measure that calculates the strength and direction of a linear relationship between two quantitative variables, ranging from -1 to 1.

Dependent Variable

In an experiment or statistical model, the variable that is being tested and measured, often influenced by the independent variable(s).