To Test Whether the Law of Supply Holds Using Calculus

question 136

Multiple Choice

To test whether the law of supply holds using calculus, you should:

• A) take the partial derivative of quantity supplied Q^S with respect to P and conclude that the law of supply holds if this derivative is positive at the market price.
• B) take the partial derivative of quantity supplied Q^S with respect to P and conclude that the law of supply holds if this derivative is negative at the market price.
• C) take the derivative of P with respect to quantity supplied Q^S and conclude that the law of supply holds if this derivative is positive at the market price.
• D) take the derivative of P with respect to quantity supplied Q^S and conclude that the law of supply holds if this derivative is negative at the market price.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.