Professor Smith Studied the Effect of Giving Either Two, Four

question 59

Multiple Choice

Professor Smith studied the effect of giving either two, four, or eight pellets of reward to rats that ran a maze. He measured how fast they ran, and how many wrong turns they made. How many levels of the independent variable did he have?

• A) one
• B) two
• C) three
• D) can't tell

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Definitions:

Utility

A measure of satisfaction or happiness that consumers receive from consuming goods or services.

Income

The money that an individual or business receives in exchange for providing a good or service or through investing capital.

Risk-neutral

Refers to individuals or entities that are indifferent between choices with varying levels of risk, focusing solely on the possible outcomes' expected values.

Risk-loving

A preference or inclination for taking on risks where the potential for gains outweighs the potential losses, as opposed to risk-aversion.