A Drug Company Wanted to Test a New Arthritis Medication

question 104

Multiple Choice

A drug company wanted to test a new arthritis medication. The researchers found 700 adults aged 25-35 andrandomly assigned them to two groups. The first group received the new drug, while the second received aplacebo. After one month of treatment, the percentage of each group whose arthritis symptoms decreased wasrecorded and compared. What is the response variable in this experiment?

• A) the percentage who had decreased arthritis symptoms
• B) the type of drug (medication or placebo)
• C) the 700 adults aged 25-35
• D) the one month treatment time

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Definitions:

New Products

Goods or services that have been recently developed, introduced to the market, or innovated to meet consumer needs.

Monopolistic Competition

A market structure in which many firms sell a differentiated product, entry is relatively easy, each firm has some control over its product price, and there is considerable nonprice competition.

Market Structure

The characteristics of an industry that define the likely behavior and performance of its firms. The primary characteristics are the number of firms in the industry, whether they are selling a differentiated product, the ease of entry, and how much control firms have over output prices. The most commonly discussed market structures are pure competition, monopolistic competition, oligopoly, pure monopoly, and monopsony.

Product Development

The process of bringing a new product or service to the market, which includes ideation, design, development, testing, and launching.