In the Context of Correlation and Causation, Correlation Means That

question 56

Multiple Choice

In the context of correlation and causation, correlation means that:

• A)two sets of phenomena occur together
• B)two sets of phenomena are positively related
• C)one phenomenon must cause the other when two sets of phenomena are repeatedly observed together.
• D)one phenomenon must cause the other when two sets of phenomena are repeatedly observed together
• E)two sets of phenomena are negatively related.

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Definitions:

Marginal Cost

The expenditure involved in creating one more unit of a product or service.

Demand Curve

A diagram displaying the link between the value of an item and the quantity of that item that shoppers are eager and financially capable of purchasing at various cost points.

Monopolist

An individual or entity that has exclusive control over the production or sale of a product or service within a market, preventing competition.

Marginal Revenue

The additional revenue that a business earns from selling one more unit of a good or service.