Experimentation

question 43

Multiple Choice

Experimentation

• A)is the first step in the scientific method.
• B)is designed to support an hypothesis.
• C)provides a means to gather objective data.
• D)is designed to refute an hypothesis.
• E)provides a means to gather subjective data.

---

Definitions:

Quantity Demanded

Quantity Demanded is the total amount of a good or service that consumers are willing and able to purchase at a given price, over a specified time period.

Total Revenue

The complete amount of income generated by the sale of goods and services before any expenses are deducted.

Unit Elastic

A situation in economics where a percentage change in price causes an equal percentage change in quantity demanded or supplied.

Elasticity

A measure in economics of how much the quantity demanded or supplied of a good changes in response to changes in its price or other factors.