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Which statement best describes illusory correlation? People may perceive association between variables when in fact these are not related at all. Economic phenomena that are

Which statement best describes illusory correlation?

People may perceive association between variables when in fact these are not related at all.

Economic phenomena that are transitory (i.e., illusions) are often correlated with one another.

People may perceive no association between variables when in fact a strong relationship exists.

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