When Technology Improves in the Ice Cream Industry,what Happens to Consumer

question 2

Multiple Choice

When technology improves in the ice cream industry,what happens to consumer surplus

• A)It increases.
• B)It decreases.
• C)It does not change, since technology affects suppliers and not consumers.
• D)It increases then decreases.

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Definitions:

Balanced

Refers to a situation in which different groups or factors in a study or experiment are of equal or nearly equal size or importance.

Experimental Design

The process of planning an experiment to ensure it can test hypotheses effectively and produce valid and reliable results.

Interaction

In statistics, it refers to situations where the effect of one variable on an outcome is modified by another variable.

Two-way Factor ANOVA

A statistical method used to determine if there are any statistically significant differences between the means of three or more independent groups based on two factors.