A Perfect Correlation Between Two Variables Will Always Produce a Correlation

question 71

True/False

A perfect correlation between two variables will always produce a correlation coefficient of + 1.0.

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Definitions:

Raise Profits

Strategies or actions undertaken by a firm to increase the difference between its total revenues and total costs.

Two-part Tariff

A pricing strategy that consists of two parts: a fixed fee plus a variable charge based on the quantity of the product or service used.

Marginal Cost

The rise in expenditure from the production of a supplementary unit of a product or service.

Profit-maximizing

A process where a business establishes the price and production scale that ensures the highest return.