A Correlation Coefficient of 0.00 Means

question 80

Multiple Choice

A correlation coefficient of 0.00 means

• A)there is no relationship between the variables.
• B)as one variable increases, the other variable increases.
• C)as one variable decreases, the other variable decreases.
• D)as one variable increases, the other variable decreases.
• E)the variables are dependent.

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Definitions:

Wage Taker

An individual or entity that accepts the prevailing wage rates in the market due to the inability to influence them.

Wage Rate

A set amount of money given by an employer to an employee for services rendered, usually specified on an hourly or annual basis.

Purely Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a product so standard that no one controls the market price.

Imperfectly Competitive

A market structure characterized by a few dominant firms that have control over prices and high barriers to entry, limiting perfect competition.