Basic Research Seeks to Answer Specific Questions or to Apply

question 121

True/False

Basic research seeks to answer specific questions or to apply scientific discoveries to the development of specific products.

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Definitions:

Output

The quantity of goods or services produced in a given period by an individual, firm, or country.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production, holding all other factors constant.

Marginal Product

The additional output gained from employing an extra unit of input in the production process.

Produce

To create, manufacture, or cultivate goods, especially agricultural products, for consumption or use.