If We Observe a Market Where the Quantity Supplied Exceeds

question 279

Multiple Choice

If we observe a market where the quantity supplied exceeds the quantity demanded, but the market price does not fall, then one explanation for this observation is

• A)the market has a price ceiling in place.
• B)consumers don't really like this product.
• C)the market has a price floor in place.
• D)sellers must produce a minimum quantity of the good, regardless of the demand for the product.

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Definitions:

Independent Variables

Variables that are manipulated or selected by the researcher to determine their effect on the dependent variable.

MANOVA

Multivariate Analysis of Variance, a statistical test that assesses for differences in multiple dependent variables across one or more factor levels.

Repeated Measures

A study design where the same subjects are tested under different conditions or at different times to assess changes.

Analysis of Covariance

A statistical method used to compare the means of more than two groups while controlling for the effects of one or more other variables.