Examlex
Which of the following describes action research rather than formal quantitative research?
Supply Function
A supply function is a mathematical relation that shows how the quantity supplied of a good is influenced by its price and possibly other factors, such as production cost.
Demand Function
A mathematical equation that describes the quantity of a good that consumers are willing and able to purchase at various prices.
Subsidy
Financial assistance granted by a government or other institution to lower the cost of producing goods or services or to support consumers directly.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in its price, with elasticity greater than one indicating a high sensitivity to price changes.
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