If the Demand for a Good Decreased, What Would Be

question 326

Multiple Choice

If the demand for a good decreased, what would be the effect on the equilibrium price and quantity?

• A) Price would increase, and quantity would decrease.
• B) Price would decrease, and quantity would decrease.
• C) Price would increase, and quantity would increase.
• D) Price would decrease, and quantity would increase.

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Definitions:

Qualitative

Involving descriptions or distinctions based on qualities rather than on quantity or measurable criteria.

Extraneous Variables

Variables that are not the focus of a study but may influence its outcome; they are controlled or accounted for to ensure the validity of an experiment.

Statistical Control

is a method used in research to account for potential confounding variables, ensuring more accurate results.

Demographic Data

Data related to the statistical characteristics of a population, including age, race, gender, income levels, and more.