Use the Following to Answer Questions

question 248

Multiple Choice

Use the following to answer questions:
Figure: Basic Supply and Demand
-(Figure: Basic Supply and Demand) In the diagram, which of the following statements is TRUE?

• A) When the price is $3, the quantity demanded exceeds the quantity supplied by 60 units.
• B) When the price is $2, the quantity demanded exceeds the quantity supplied by 40 units.
• C) When the price is $4, the quantity demanded is less than the quantity supplied by 40 units.
• D) When the price is $2, there is a tendency for the price to rise in the future.

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Definitions:

Experiments

A research method involving manipulation of variables to test hypotheses and determine cause-and-effect relationships.

Spurious Relationships

Relationships where two variables appear to be related due to a coincidence or a third, unseen factor, rather than a direct cause-and-effect link.

Researcher

An individual who systematically investigates and studies materials and sources to establish facts and reach new conclusions.

Online Experiments

Research studies conducted over the internet, allowing for the collection of data from a wide and diverse group of participants.