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Suppose the factor market for computer engineers is competitive in India and the United States, but Indian engineers earn one-fifth of what American engineers earn. This means that in India engineers are price takers, but engineers in America are not.
Scientific Method
A systematic and logical approach to discovering how things in the universe work, involving observation, experimentation, and hypothesis testing.
Theories
Systematic frameworks for explaining and predicting phenomena, often formulated as principles or statements that seek to understand how something works.
Observations
The act of noticing and noting something with instruments or the senses, often as part of a research process.
Theories
General principles or explanations about how various economic, social, or scientific phenomena operate.
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