A direct relationship occurs when
A) the two variables being compared change in opposite directions, or when one goes up the other goes down.
B) a change in one of the variables causes a change in the other variable in any direction.
C) the two variables being compared change in the same direction, or when one goes up the other also goes up.
D) the two variables have no identifiable relationship with each other.
Answer: C
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The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour
After this minimum wage is in effect, and taking account of the resources lost in job search, workers' surplus equals ________. A) $800 B) $900 C) $400 D) $1,800 E) $200
Parity pricing and target pricing differ in that
a. consumers pay a higher than equilibrium price under parity pricing and a lower than equilibrium price under target pricing b. consumers pay a higher than equilibrium price under target pricing and a lower than equilibrium price under parity pricing c. parity pricing generates an excess supply of farm goods while target pricing generates an excess demand d. parity pricing generates an excess demand for farm goods while target pricing generates an excess supply e. under parity pricing, consumer demand determines price while under target pricing, market supply determines the price