The Steps of the "Scientific Method," in the Correct Order

question 26

Multiple Choice

The steps of the "scientific method," in the correct order, are

• A)collect data, interpret results, test the hypothesis, make observations, and design experiments.
• B)collect data, interpret results, test the hypothesis, design experiments, make observations, and draw conclusions.
• C)design experiments, draw conclusions, collect data, interpret results, make observations, and test the hypothesis.
• D)make observations, formulate the hypothesis, design experiments, collect data, interpret results, and draw conclusions.
• E)none of the above

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Definitions:

Product Price

The amount of money charged for a good or service, determined by various factors including production costs, market demand, and competition.

Marginal Cost

The elevation in aggregate expenditure associated with creating an additional unit of a product or service.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the total gains from undertaking an economic activity.

Marginal Revenue

The extra revenue earned by selling an additional unit of a product or service.