Which of the following is the best definition of a controlled market study?
A) A carefully designed study of a market situation.
B) A study of demand and supply in a single market.
C) A study that varies key economic variables in one or more markets to determine the effects of the changes.
D) A study that assumes differences in sales can be accounted for by unmeasured variables.
E) A study that uses a trial and error method to determine probable market outcomes.

Question

Quizplus · Accepted Answer

A controlled market study involves purposely changing key economic variables in one or more markets to analyze the effects of these changes. This type of study allows for a more in-depth understanding of market dynamics and can help inform business decisions. Option A is too broad and could refer to any type of market study, while option B is too limiting as it only focuses on demand and supply in a single market. Option D refers to unmeasured variables, which are not typically addressed in controlled market studies. Option E suggests a trial and error approach, which is not typical in a controlled market study.

Which of the Following Is the Best Definition of a Controlled