The Relationship Between Two Variables That Are Positively Related Is

question 40

Multiple Choice

The relationship between two variables that are positively related is shown graphically by a line that

• A)slopes upward to the right.
• B)is horizontal.
• C)slopes downward to the right.
• D)is vertical.
• E)is above the x-axis and to the right of the y-axis.

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Definitions:

Productive Efficiency

A situation where a firm or economy can no longer produce additional amounts of a good without lowering the production level of another product, utilizing resources in the best way possible.

Allocative Efficiency

A situation in which resources are distributed in a way that aligns with the preferences and needs of society, maximizing social welfare and utility.

Product Variety

Product Variety refers to the range of different products or services offered by a firm or available in a market.

Allocative Efficiency

A state of economic efficiency where resources are distributed in a way that maximizes the net benefit to society.