Identify and Give the Historical Significance of Each of the Following

question 11

Essay

Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-Elijah Lovejoy

Recognize the importance of internal validity and the factors that contribute to it.

Identify appropriate experimental designs to control for various biases.

Understand the role of random assignment and experimental control in establishing causal relationships.

Identify the consequences of failing to control extraneous variables in experimental research.

---

Definitions:

Deadweight Loss

Reductions in combined consumer and producer surplus caused by an underallocation or overallocation of resources to the production of a good or service. Also called efficiency loss.

Producer Surplus

is the difference between what producers are willing to accept for a good or service versus what they actually receive, due to market prices.

Consumer Surplus

The difference between the total amount that consumers are willing to pay and the actual amount they pay for a good or service.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price in a market.