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Briefly Explain the Independent Variable and the Dependent Variable in an Experiment.Describe

question 140

Essay

Briefly explain the independent variable and the dependent variable in an experiment.Describe the relationship between them.


Definitions:

Long-run Equilibrium

A state in economics where supply equals demand, and all markets clear, resulting in an efficient allocation of resources over time.

Price

The financial cost or valuation of a goods or service, expressed as the amount of currency needed to acquire it.

Monopolistically Competitive Industry

A market structure where many firms sell products that are similar but not identical, allowing for significant differentiation and non-price competition.

Perfectly Competitive Industry

An industry characterized by many small firms producing identical products where no single firm can influence the market price.

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