Suppose the Given Supply and Demand Tables Reflect the Supply

question 101

Multiple Choice

Suppose the given supply and demand tables reflect the supply and demand for milk per week. At a price of $1, there is a: $$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price } \\\text { (per gallm) }\end{array} & \begin{array} { c } \text { Quantity demanded (gallons per } \\\text { week) }\end{array} & \begin{array} { c } \text { Quantity Supplied (gallms per } \\\text { week) }\end{array} \\\hline \$ 1 & 2,000 & 1,000 \\\hline \$ 2 & 1,500 & 1,500 \\\hline \$ 3 & 1,000 & 2,000 \\\hline \$ 4 & 500 & 2,500 \\\hline\end{array}$$

• A)surplus of 500 gallons per week.
• B)surplus of 1,000 gallons per week.
• C)shortage of 2,500 gallons per week.
• D)shortage of 1,000 gallons per week.

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Definitions:

Interaction

Interaction refers to the reciprocal action or influence between two or more entities, objects, or individuals.

Independent Variable

The variable in an experiment that is manipulated to observe its effect on the dependent variable.

Dependent Variable

The variable in experimental research that is measured to assess any changes in response to the manipulation of the independent variable.

Random Assignment

A method used in experiments where participants are allocated to various groups in a way that ensures each has an equal chance of being chosen, to ensure fairness and objectivity in the results.