Which Is True About the Art of Scientific Thinking

question 200

Multiple Choice

Which is true about the art of scientific thinking?

• A)it is easier with a solid mathematical background.
• B)it is the ability to make an abstract subject easy to understand.
• C)it involves deciding which assumptions to make.
• D)it is not necessary to be an economist.

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Definitions:

Oligopoly

A market structure characterized by a small number of firms whose decisions affect and are affected by each other.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal given the strategies of other players, and no player has anything to gain by changing only their own strategy.

Economic Profit

The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used by a business.

Dominant Strategy

A strategy in game theory that yields the best outcome for a player, no matter what the other players do.