We Can Infer That There Is a Strong Relationship Between

question 23

Multiple Choice

We can infer that there is a strong relationship between two numerical variables when

• A) the points on a scatterplot cluster tightly around an upward sloping straight line
• B) the points on a scatterplot cluster tightly around a downward sloping straight line
• C) either of these options
• D) neither of these options

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Definitions:

Utility Function

A mathematical representation of how different quantities of goods or services generate levels of happiness or satisfaction to the consumer.

Consumption

This term implies the act of using up resources or services to satisfy human wants, often measured to assess the economic activity within a country.

Grocery Store

A retail store that primarily sells food, both fresh and packaged, as well as various household goods.

Utility Function

A mathematical representation of how consumers rank different bundles of goods based on the level of satisfaction (utility) obtained from them.