A Friend Wants to Explore Age Differences in Happiness for Her

question 34

Multiple Choice

A friend wants to explore age differences in happiness for her Ph.D.thesis.She should MOST likely conduct a:

• A)cross-sectional study,because it will allow her to find out which people get happier over time.
• B)cross-sectional study,because it will demand less time than other types of studies.
• C)longitudinal study,because it will be more accurate that other types of studies.
• D)longitudinal study,because it is easier to carry out than other types of studies.

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust all inputs as needed.

Perfectly Elastic

A demand situation where the quantity demanded changes infinitely in response to any change in price.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where demand and supply are equal.

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand.