A Scientist Decides to Solve a Problem by Collecting Data

question 4

Multiple Choice

A scientist decides to solve a problem by collecting data through careful systematic observation, developing theories, making predictions based on those theories, and systematically testing those predictions. The scientist is using ________.

• A) the inductive method
• B) the deductive method
• C) the scientific method
• D) objective introspection

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Definitions:

Highly Contested

Describes a situation, item, or issue that is the subject of intense competition or dispute among parties.

Price Searchers

Firms or individuals that have the flexibility to set their prices because they offer unique products or services and face little to no direct competition.

Entry Barriers

Impediments that make it difficult for new participants to enter a specific industry or business field.

Monopolistic Competition

A term often used by economists to describe markets characterized by a large number of sellers that supply differentiated products to a market with low barriers to entry. Essentially, it is an alternative term for a competitive price-searcher market.