Think of Three Different Economic Examples Where Cross-Sectional Data Could

question 59

Essay

Think of three different economic examples where cross-sectional data could be collected. Indicate in each of these cases how you would check if the analysis is externally valid.

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Definitions:

Quantity Demanded

The complete quantity of a product or service that consumers are eager and financially able to acquire at a certain price.

Quantity Supplied

The overall quantity of a particular product or service that vendors are willing and prepared to trade at an agreed price during a defined time period.

Supply Increase

A situation in economics where the quantity of goods or services offered by businesses grows, typically leading to lower prices if demand remains constant.

Supply Decrease

A reduction in the overall amount of goods and services that producers are willing and able to offer at a given price level.