Researchers Use Statistics as a Tool to

question 31

Multiple Choice

Researchers use statistics as a tool to

• A) compare their findings to previous work in the area.
• B) see if their work supports an existing theory or whether they have to revise the theory.
• C) determine whether the variables in their research are related, or whether there is a true difference between their groups.
• D) choose a representative sample of the population to serve in the experiment.

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Definitions:

Supply Curve

A visual depiction that illustrates the connection between a product's price and the amount available for supply.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at different prices.

Equilibrium

A state in a market where supply equals demand, and there is no external pressure for the situation to change, resulting in a stable market condition.

Supply and Demand

The basic economic principle describing the interplay between the availability of a good or service (supply) and the desire for that good or service (demand).