The Distinction Between Basic Research and Applied Research Is That

question 51

Multiple Choice

The distinction between basic research and applied research is that basic research _____,while applied research _____.

• A) relies more heavily on the fundamental sciences such as chemistry or biology;relies more heavily on the social sciences such as psychology or sociology
• B) relies more heavily on the social sciences such as psychology or sociology;relies more heavily on the fundamental sciences such as chemistry or biology
• C) concentrates on fundamental questions often of a theoretical nature;concentrates on identifying and resolving practical problems
• D) concentrates on identifying and resolving practical problems;concentrates on fundamental questions often of a theoretical nature

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.

Economic Profit

The variance between an enterprise's aggregate income and total outlays, taking into account both clear and assumed costs.

Short-Run Equilibrium

The state in a market where supply equals demand within a limited time frame, before any long-term adjustments take place.

Long-Run Equilibrium

A state in which all factors of production and outputs are optimal, allowing for all economic agents to have no incentive to change their behavior.