Owen Had a Typewriter Shop, but He Went Out of Business

question 135

Multiple Choice

Owen had a typewriter shop, but he went out of business because no one buys typewriters anymore. This statement best represents this economic concept:

• A)Resources are scarce.
• B)People usually exploit opportunities to make themselves better off.
• C)Markets move toward equilibrium.
• D)One person's spending is another person's income.

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Definitions:

Independent Variable

The factor in an experiment that is intentionally altered to see its impact on the variable that is being measured.

Single-Subject Experimental Designs

Research designs that focus on the response of a single participant to document the effects of a variable.

Cross-Sectional

Describes research that collects data from a population or a representative subset at one specific point in time.

Dependent Variable

In an experiment or study, it is the variable being tested and measured, which is expected to be influenced by the independent variable.