Use the Following to Answer Questions

question 78

Multiple Choice

Use the following to answer questions:
Figure: Water Market
-(Figure: Water Market) Refer to the figure. If a price floor in the diagram gets set at $8 a gallon, how big is the shortage or surplus?

• A) 60,000 gallons in surplus
• B) 120,000 gallons in surplus
• C) 60,000 gallons in shortage
• D) 12,000 gallons in shortage

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Definitions:

Experimental Group

In an experiment, this is the group that receives the treatment or intervention being tested.

Control Group

In experimental research, a group of subjects not exposed to the treatment being studied, used as a baseline to measure the effect of the treatment.

Laboratory Experiment

A controlled study conducted in a specially equipped environment where variables can be manipulated and outcomes measured.

Field Experiment

A study conducted in a real-world setting where the researcher manipulates one or more variables to observe the effect on a particular outcome.