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A psychology instructor studying the effects of the order of test items on test scores gave half the class a test in which the item order reflected the order in the textbook. The other half received the same questions in random order. What was the dependent variable in this experiment?
Housing Demanded
The quantity of residential properties that buyers are willing and able to purchase at a given price level.
Demand Elasticity
A quantification of the effect of price variation on the demand level for a specific good.
Income Elasticity
A measure of how much the quantity demanded of a good or service changes in response to a change in consumers' income.
Inferior Good
A type of good whose demand decreases when consumer income rises, unlike normal goods, which see an increase in demand with rising income.
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