Which of the following statements is correct?
A. The value of the independent variable is determined by the value of the dependent
variable.
B. The value of the dependent variable is determined by the value of the independent
variable.
C. The dependent variable designates the "cause" and the independent variable the "effect."
D. Dependent variables graph as upsloping lines; independent variables graph as
downsloping lines.
Answer: B
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Refer to the figure above. What is the loss in the market-wide consumer surplus when the price of wine changes from $9 to $18?
A) $144,000 B) $30,000 C) $57,000 D) $0
A firm's short-run marginal cost curve is decreasing when
A) marginal product is increasing. B) total fixed cost is decreasing. C) average fixed cost is increasing. D) marginal product is decreasing. E) capacity is reached.