Science Is a Logical System Based on Intuition and Insight

question 36

True/False

Science is a logical system based on intuition and insight.

---

Definitions:

Network Externality

The increase in the value of a good or service to an individual is greater when a large number of others own or use the same good or service.

Positive Externality

A beneficial effect experienced by a third party due to an economic activity, without compensation.

Socially Optimal

Refers to a state or condition in which resources are allocated in the most efficient manner from the perspective of society as a whole, maximizing overall well-being.

Market Quantity

Refers to the total amount of a particular good or service that is available for purchase in a market at a specific point in time.