To Test the Value of the Study Guide, Professor Lewis

question 83

Multiple Choice

To test the value of the study guide, Professor Lewis gives a free copy to the students sitting in the first two rows of class. Later she finds that these students got better grades than the students in the back of the room (who didn't get study guides) . What is wrong with this experiment?

• A) lack of an independent variable
• B) confusion of experimentation with correlation
• C) lack of random assignment to groups
• D) lack of a dependent variable

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Definitions:

Consumer's Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra utility gained.

Demand Function

A mathematical equation that describes the relationship between the quantity of a good that consumers are willing and able to purchase and its price.

Supply Function

A mathematical representation showing the amount of goods that producers are willing and able to sell at different prices, graphically depicted as a curve.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, primarily to keep it affordable for consumers.