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As correlation coefficients _____, the ability to predict one variable based on knowledge of the second variable increases.
Supply of Land
The total availability of land resources that can be used for various purposes, often considered perfectly inelastic.
Perfectly Inelastic
A situation where the quantity demanded or supplied of a good does not change in response to a change in price.
Relatively Elastic
Describes a situation where the demand for a product is sensitive to changes in price, meaning a small price change can lead to a large change in quantity demanded.
Productivity
A measure of the efficiency of production, often quantified as the ratio of outputs produced to inputs used in the production process.
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