In Constructing the Demand Graph to Show How the Price

question 283

Multiple Choice

In constructing the demand graph to show how the price of a good price affects how much of it the buyers will buy, the convention that economists follow is to measure price on the

• A)horizontal axis because it is the independent variable.
• B)vertical axis because it is the dependent variable.
• C)vertical axis even though it is the independent variable.
• D)horizontal axis even though it is the dependent variable.

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Definitions:

One Factor

A term usually associated with experimental design referring to a single variable that is changed or manipulated.

Factorial ANOVA

An ANOVA test used for multiple independent variables, assessing the effect of each and their interactions on the dependent variable.

Research Hypotheses

Propositions that are tested statistically, suggesting a potential outcome or relationship based on theoretical considerations.

Factorial ANOVA

A statistical analysis technique used to identify the effects of two or more independent variables on a dependent variable, while also considering the interaction between these variables.