The Difference Between a Fact and an Inference Is That

question 49

Multiple Choice

The difference between a fact and an inference is that a(n)

• A) fact is a conclusion drawn from statements using the words "never" and "always."
• B) inference is a conclusion drawn from the facts available.
• C) fact is a conclusion drawn typically from an informal mode of communication.
• D) inference is always true.

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Definitions:

Individual Demand Curve

A graphical representation showing the quantity of a goods or services a single consumer is willing and able to purchase at various prices.

Budget Constraints

The limitations on the spending behavior of consumers, based on their income and the prices of goods and services.

Indifference Curves

Representations on a graph showing combinations of goods or services between which a consumer is indifferent, meaning they have no preference for one combination over another.

Elasticity

Elasticity refers to the degree to which demand or supply reacts to changes in price or other factors.