Which of the Following Is an Accurate List, in Order

question 57

Multiple Choice

Which of the following is an accurate list, in order, of the steps of the scientific process?

• A)define variables; state assumptions; form a hypothesis; test
• B)state assumptions; define variables; form a hypothesis; test
• C)identify variables; state assumptions; test; form a hypothesis
• D)identify variables; form "other things equal" assumptions; form behavioral assumptions; test
• E)form "other things equal" assumptions; form behavioral assumptions; form hypothesis; test

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing for full industry adjustment to changes.

Perfect Competitor

A theoretical market structure where many firms offer a standardized product, there is free entry and exit, and all buyers and sellers have perfect information, leading to price being equal to marginal cost.

Long Run

A period in which all inputs can be adjusted, allowing firms to change their production capacity and industries to enter or exit markets.

Perfect Competitor

A theoretical firm in a perfectly competitive market where it is a price taker, and there are no barriers to entry or exit.