Examlex
What are four-firm concentration ratios? How do economists use them to define monopolistically competitive industries?
Scientific Theories
Well-substantiated explanations of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experimentation.
Parsimonious
Characterized by extreme unwillingness to spend resources or use more of something than necessary, often used in the context of scientific modeling.
Heuristic
An approach to problem solving or learning that employs a practical method not guaranteed to be perfect, but sufficient for reaching an immediate goal.
Natural Science
Refers to the systematic empirical inquiry into the causal explanations for the observed patterns, structures, and functions of natural phenomena from the subatomic to the galactic in scope.
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