If the Producers of a Product Do Not Respond to Price

question 21

Multiple Choice

If the producers of a product do not respond to price changes at all, then an increase in demand results in

• A)no change in price but a large increase in equilibrium quantity.
• B)an increase in price but no change in equilibrium quantity.
• C)as much an increase in price as in equilibrium quantity.
• D)no change in both price and equilibrium quantity.
• E)a large increase in price and a large decrease in equilibrium quantity .

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Definitions:

Experimental Design

The blueprint for conducting a scientific study to ensure that it is valid and reliable; it includes planning, conducting, and analyzing an experiment.

Two-by-two

A 2x2 matrix or table used to categorize or compare data points based on two binary criteria, often used in research for analysis or decision-making.

Online Experiments

Research experiments conducted over the internet, allowing for widespread participation and data collection from diverse populations.

Online Surveys

Surveys distributed and completed over the internet, allowing for a wider reach and often, quicker responses.