Why Is It Important to Look at the Effect Size

question 17

Multiple Choice

Why is it important to look at the effect size?

• A)Because p values are not affected by Sphericity corrections but they do alter effect sizes.
• B)Because p values can be affected by Sphericity errors but they do not alter effect sizes.
• C)Because p values can be affected by Sphericity corrections and alter effect sizes.
• D)Because p values can be affected by Sphericity corrections but they do not alter effect sizes.

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Definitions:

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, often seen as a measure of producer welfare.

Consumer Surplus

The disparity between the cost consumers are prepared to pay for a good or service and the cost they actually encounter.