What Is the Correct Sequence of Steps in Following the Scientific

question 1

Multiple Choice

What is the correct sequence of steps in following the scientific method to conduct research?

• A)make observations,conduct experiment,propose hypothesis,and develop a theory
• B)make observations,propose hypothesis,conduct experiment,and develop a theory
• C)propose hypothesis,make observations,develop a theory,and conduct experiment
• D)conduct experiment,develop a theory,make observations,and propose hypothesis
• E)develop a theory,conduct experiment,make observations,and propose hypothesis

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Definitions:

Socially Optimal Price

The price of a good or service that reflects the true cost to society, accounting for externalities and ensuring allocative efficiency.

Transaction Costs

Expenses incurred when buying or selling goods and services, which can include fees, taxes, and other costs.

Externality Problem

A situation where the actions of individuals or businesses result in benefits or costs to others that are not reflected in market prices.

Negative Externality

A cost that affects a party who did not choose to incur that cost, often leading to market failures when not properly accounted for.