One of the Four Main Goals of Science Is Explanation

question 100

Multiple Choice

One of the four main goals of science is explanation.The main goal of scientists addressing this goal is to explain

• A)why a behavior occurs.
• B)the steps of the scientific method.
• C)how data collection works.
• D)why a researcher wants to study a behavior.

Make informed decisions on whether to make or buy components based on relevant costs.

Determine the best product mix to maximize the use of a constrained resource.

Evaluate the financial advantage/disadvantage of further processing products.

Make decisions on resource allocation based on contribution margin and constrained resources.

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Definitions:

Price Elasticity Of Demand

A measure of how much the quantity demanded of a good responds to a change in its price, indicating its sensitivity.

Marginal Cost

The additional cost incurred from producing one more unit of a good or service.

Profit-Maximizing Seller

An economic agent whose primary objective is to achieve the highest possible profit from their sales.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, used to evaluate the trade-offs in resource allocation.