An Increase in the Price of Heinz Ketchup Is Likely

question 49

Multiple Choice

An increase in the price of Heinz ketchup is likely to cause:

• A) an increase in the demand for Hunt's ketchup, due to a change in preferences.
• B) an increase in the demand for Hunt's ketchup, due to a change in the price of a substitute good.
• C) a decrease in the demand for Hunt's ketchup, due to a change in preferences.
• D) an increase in the demand for Hunt's ketchup, due to a change in the price of a complementary good.

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Definitions:

Causal Attribution

The process by which individuals assign causes or reasons to events and behaviors, explaining why things happen.

Correlational Observation

A research approach that involves observing and measuring the relationship between two or more variables without manipulating them.

Third Variable Assumption

The idea in research that a correlation between two variables might be explained by a third factor that affects both of the original variables.

Scientific Method

A systematic and logical approach to discovering how things in the universe work, involving observation, hypothesis formulation, experimentation, and conclusion.