An Idea That Is Supported by Repeated Experiments and Observation

question 41

Multiple Choice

An idea that is supported by repeated experiments and observation is called a:

• A) fact.
• B) theory.
• C) concept.
• D) hypothesis.

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Definitions:

Utility Function

A mathematical representation that ranks an individual's preferences over a set of goods or services, showing their relative satisfactions or levels of utility.

Bliss Point

A term in psychology and economics indicating the optimal level of consumption where any further increase would lead to dissatisfaction.

Good Y

A symbolic representation often used in economics to denote a particular good or commodity in theoretical models and analyses.

Perfect Substitutes

Goods that can be used in place of each other with no loss of utility or preference by consumers.