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After several years of slow economic growth, world demand for petroleum began to rise rapidly in the 1990s. Much of the increase in demand was met by additional supplies from sources outside OPEC. OPEC during this time was unable to restrain output among members in its effort to lift oil prices. What best describes these events?
Total Mean
The overall average of a set of numerical values computed by summing them up and dividing by the count of numbers.
Independent Variables
Variables in an experiment that are manipulated or changed to observe their effect on dependent variables, without being influenced by other factors in the experiment.
Interaction Effect
A phenomenon in statistical analysis where the effect of one variable on an outcome depends on the level of another variable.
Main Effects
Main effects refer to the individual impact of independent variables on a dependent variable in factorial design or analysis of variance (ANOVA).
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