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(Figure: Determining Surplus and Loss) in the Graph, a Minimum

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(Figure: Determining Surplus and Loss) In the graph, a minimum price of $5 would allow for a binding price floor. (Figure: Determining Surplus and Loss) In the graph, a minimum price of $5 would allow for a binding price floor.

Definitions:

Independent Variable

Variable in an experiment that is manipulated by the experimenter.

Dependent Variable

A variable in an experiment that is expected to change in response to changes in the independent variable.

Experimental Effect

The impact that the experimental manipulation has on the dependent variable in the context of a research study.

Representative Sample

Randomly selected sample of subjects from a larger population of subjects.

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