Exhibit 13-5

question 111

Multiple Choice

Exhibit 13-5.Choose the type of correlational statistic that would be used for each of the purposes listed.
-Refer to Exhibit 13-5.Used to describe the relationship between two variables measured on an interval scale

• A) Product-moment correlation
• B) Partial correlation
• C) Factor analysis
• D) Canonical correlation
• E) Multiple regression

---

Definitions:

Marginal Cost

The increase in total cost that arises from producing one extra unit of a good or service.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are close substitutes, leading to price competition and efficiency.

Utility Functions

Represent mathematical models that quantify an individual's preference for certain bundles of goods or services under conditions of scarcity.

Public Good

An item or resource that cannot be withheld from anyone and whose consumption by one individual does not diminish its accessibility to others, characterized by being both non-excludable and non-rival.