Suppose a Decrease in the Supply of Bottled Water Results

question 102

Multiple Choice

Suppose a decrease in the supply of bottled water results in a decrease in revenue.This indicates that

• A)the demand for bottled water is inelastic in the price range considered.
• B)the demand for bottled water is elastic in the price range considered.
• C)the supply of bottled water is inelastic in the price range considered.
• D)the supply of bottled water is elastic in the price range considered.

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Definitions:

Potential Confound

A variable that could distort the results or conclusions of a study or experiment by intermingling its effects with those of the variables of interest.

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Music that is played in the background and is not meant to be the main focus of an audience.

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Workers or machinery that specialize in loading goods onto trucks for transportation.

Control Group

In experimental research, a group of subjects that does not receive the treatment or intervention being tested, used as a benchmark to measure how the other tested subjects do.