You Participate in a Taste Test for a New Protein

question 134

Essay

You participate in a taste test for a new protein supplement called "Boost." You are given five consecutive one ounce vials of the supplement and after consuming each vial you are asked to note your reaction. You consume the first vial and your response is: "Hmmm, quite good!" After the second, you say, "Not bad at all." After the third, you note, "It's alright." and after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.

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Definitions:

Inductive Reasoning

A method of reasoning in which specific observations lead to a general conclusion or theory.

Deductive Reasoning

The use of general principles to predict specific outcomes. Often uses “if… then” statements.

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Chemicals

Substances produced by or used in a chemical process, including both natural and synthetic materials.