When People Make an Observation, Then Form a Hypothesis That

question 61

Multiple Choice

When people make an observation, then form a hypothesis that explains the observation, and then make more observations to test the credibility of the hypothesis, they are using the ____.

• A) empirical method
• B) rational method
• C) scientific method
• D) method of authority

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Definitions:

Selling and Administrative Expenses

Costs related to the selling of products and the managing of the company, excluding production costs.

Contribution Margin

The amount of revenue remaining after deducting variable costs, contributing towards covering fixed costs and generating profit.

Selling Price

The price the customer pays for a product or service.

Variable Maintenance

Maintenance costs that fluctuate with the level of production or usage of equipment.