The Simplest Explanation of Previous Observations That Generates Valid, Testable

question 4

Multiple Choice

The simplest explanation of previous observations that generates valid, testable predictions in other situations is known as:

• A)a hypothesis
• B)an explanation
• C)parsimony
• D)a theory

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Definitions:

Price

The price required to be paid for a product or service.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Production Function

Describes the relationship between inputs (like labor and capital) and the maximum output that can be produced with these inputs.

Proportions

The relationship between quantities that defines how much of one thing is present relative to another.