Given a Strong Negative Correlation, a Score That Is Relatively

question 18

Multiple Choice

Given a strong negative correlation, a score that is relatively high on variable x will be relatively _____ on variable y.

• A)low
• B)medium
• C)high
• D)significant

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Definitions:

Price Elasticity

A measure of the responsiveness of the quantity demanded of a good to a change in its price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price point.

Equilibrium Price

The cost level where the amount of a product or service that consumers want to buy equals what is available, resulting in a balanced market situation.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity supplied.