Figure 4-4 -Refer to Figure 4-4.The Figure Above Represents the Market for Represents

question 70

Multiple Choice

Figure 4-4

-Refer to Figure 4-4.The figure above represents the market for pecans.Assume that this is a competitive market.If the price of pecans is $3,

• A)economic surplus is maximized.
• B)not enough consumers want to buy pecans.
• C)the quantity supplied is less than the economically efficient quantity.
• D)the quantity supplied is economically efficient but the quantity demanded is economically inefficient.

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Definitions:

Factorial Design

A type of experimental design that allows researchers to examine the effects of two or more variables simultaneously by changing them together instead of independently.

Independent Variables

Factors deliberately manipulated by researchers to investigate their effect on dependent variables.

Dependent Variable

In research, it is the variable being tested and measured for change, to see how it responds to variations in the independent variable.

Systematic Variance

The portion of variation in an outcome that can be consistently explained by variables or factors in a study.