The Difference Between Basic Research and Applied Research Is That

question 6

Multiple Choice

The difference between basic research and applied research is that basic research is conducted to:

• A)determine the most appropriate basic price for new products.
• B)determine the most efficient basic distribution channels for products.
• C)expand our knowledge,rather than solve a specific problem.
• D)determine the most basic desired features in new products.
• E)to understand the basic desires and motives of consumers.

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Definitions:

Microeconomics

The study of the economic behavior in particular markets, such as that for computers or unskilled labor.

Equilibrium Economics

A state in economic models where supply equals demand, leading to stable prices and quantities.

Microeconomics

The branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Economic Behavior

The actions and decisions made by individuals, households, and firms regarding the production, distribution, and consumption of goods and services.