Collection and Analysis of Data Is Done in Which of the Following

question 43

Multiple Choice

Collection and analysis of data is done in which of the following steps of the scientific method?

• A)Formulating an explanation
• B)Identifying questions of interest
• C)Communicating the findings
• D)Carrying out research designed to support or refute the explanation

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Definitions:

Elasticity of Demand

An indicator of the responsiveness of the quantity of a good demanded to its price alterations, showing how sensitive buyers are to changes in its cost.

Tax Burden

The total amount of taxes paid by individuals or businesses relative to their income, often discussed in the context of debates over fairness and economic policy.

Elastic

Describes a situation in which the demand or supply for a good or service changes significantly when its price changes.

Inelastic

A situation in which the demand or supply for a product does not change significantly in response to price changes.