As We Examine Our Beliefs or Theories and Explain How

question 29

Multiple Choice

As we examine our beliefs or theories and explain how they may be true,

• A)the more uncertain we become of them.
• B)the more closed we become to discrediting information.
• C)the more open we are likely to become to discrediting information.
• D)the more complex our theories are likely to become.

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Definitions:

Law of Diminishing Returns

An economic principle stating that as one input in the production process is incrementally increased, holding all other inputs constant, there will be a point at which the added output from each additional unit of input will start to decrease.

Dollars Per Unit

A unit cost measure representing the price or cost of a single item or measure of goods or services.

Elasticity of Product Demand

A measure of the responsiveness of the quantity demanded of a product to changes in its price.

Elasticity of Resource Demand

The measure of how much the quantity demanded of a resource changes in response to a change in its price.