Experiments_______________?
Correct answer: D. all of the above
- A. are conducted in both field and laboratory setting
- B. involve the risk that people may modify their behavior
- C. must involve control groups of some kind
- D. all of the above
Explanation
Experiments may be conducted in laboratories or in the field, and participants can alter their behavior when they know they are being studied. They also require a comparison or control condition, so all three statements are treated as correct.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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