When the Relationship Between Two Variables Is Very Strong and Decreasing

question 142

Multiple Choice

When the relationship between two variables is very strong and decreasing in a linear way,the Spearman rank-correlation coefficient will be close to:

• A)0
• B)−1
• C)ρ
• D)∞

Grasp the law of diminishing marginal utility and its implications on consumption.

Learn how to analyze and calculate changes in utility from consuming different combinations of goods.

Understand the relationship between total utility and marginal utility.

Comprehend how consumer choices are influenced by changes in product prices and the concept of income effect.

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