The relationship between the prices of apple and demand is : <u>A Negative correlation </u>
<h3>Negative correlation </h3>
A negative correlation occurs when an increase in one variable leads to a decrease in value of the other variable.
As the price of goods and service go up in the open market, the demand for the goods and services goes down, this kind of relationship is known as an Negative correlation.
For Kelvin to have an increase in demand he must decrease the price of the apples.
Hence we can conclude that The relationship between the prices of apple and demand is a<u> Negative correlation </u>
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Answer:
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Explanation:
The top US goods exports to China are oilseeds and grains, semiconductors and their componentry, oil and gas, and motor vehicles.
<h3>What is trade surplus?</h3>
Transferring products and services from one person or institution to another includes trade, frequently in exchange for cash. A system or network that permits trading is referred to as a market by economists.
Bartering, or exchanging products and services directly for other commodities and services, was an early type of trade that took place before the invention of money.
Nowadays, most trade agreements are reached using a medium of exchange, like money. As a result, selling or earning can be distinguished from buying. Money's development, along with the creation of paper money, non-physical money, and letters of credit, tremendously facilitated and encouraged trade. Bilateral trade is trade between two traders, whereas multilateral trade is trade involving more than two dealers.
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