Refer to Table 2

question 59

Multiple Choice

Refer to Table 2.2,which presents hypothetical data on cross-price elasticity of demand estimates.Which goods are the best substitutes?

• A) Coke and Pepsi
• B) Hard Liquor and Beer
• C) Beef and Chicken
• D) Cheese and Butter

---

Definitions:

Dependent Variable

The variable in an experiment that is expected to change in response to manipulations of the independent variable.

Confound

A variable that influences both the dependent and independent variables in a study, potentially skewing results and making it difficult to determine causality.

Institutional Review Board

A committee that reviews and approves research protocols to ensure ethical standards are maintained in studies involving human participants.

Placebos

Inactive substances or treatments used as a control in experiments to test the effectiveness of medical interventions.