Which of the Following Is FALSE Concerning the Use of Tradition

question 43

Multiple Choice

Which of the following is FALSE concerning the use of tradition in inquiry?

• A)It helps avoid the task of starting from scratch in our search for regularities
• B)It demonstrates that knowledge is cumulative
• C)The jumping-off part for the development of knowledge is often the inherited body of information
• D)It enables us to seek a different understanding of what we all know to be true
• E)It does not prevent us from performing future inquiry.

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Definitions:

Price Elasticity of Demand

The response level of the demand for a product to variations in its price, determined by dividing the percentage change in the demanded quantity by the percentage change in the price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Unit Elasticity

Demand or supply for which the elasticity coefficient is equal to 1; means that the percentage change in the quantity demanded or quantity supplied is equal to the percentage change in price.

Inelastic

A description of a product or service's demand when consumers' demand is relatively insensitive to price changes.