Thinking in Which a General Rule or Principle Is Gathered

question 273

Multiple Choice

Thinking in which a general rule or principle is gathered from a series of specific examples, for example, inferring the laws of gravity by observing many falling objects, is referred to as __________ thought.

• A)deductive
• B)inductive
• C)intuitive
• D)creative

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Definitions:

Low Demand

A situation where the desire or need for a particular product or service is less than the supply available.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and very easy entry and exit from the market.

Imperfect Competition

Market structures that do not meet the conditions of perfect competition, including monopolistic competition, oligopoly, and monopoly.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.