Calculate the Appropriate Correlation Coefficient for the Following Data

question 11

Multiple Choice

Calculate the appropriate correlation coefficient for the following data.

• A)-0.52
• B)+0.52
• C)+0.83
• D)+0.94

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Definitions:

Perfectly Competitive Industry

A market structure where there are many buyers and sellers, products are identical, and there is free entry and exit from the market.

Identical Products

Products that are exactly the same in every aspect, including quality, size, and features, making them perfectly substitutable for one another.

Perfectly Elastic Demand

A market situation where demand for a product is infinitely responsive to changes in price, depicted by a horizontal demand curve.

Cherry Sno-Cones

A flavored shaved ice treat, typically dyed red and flavored to taste like cherry.