A Theory in the Field of Science Is

question 13

Multiple Choice

A theory in the field of science is

• A)an educated guess.
• B)less than a fact.
• C)a synthesis of a large body of well-tested knowledge.
• D)unchangeable.

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Definitions:

Equilibrium Price

The rate at which the supply of goods equals the demand for goods.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price.

Quantity Supplied

The cumulative volume of a specific good or service that suppliers are enthusiastic and able to sell at a given price within a set timeframe.

Price Floor

A government- or authority-set minimum price for certain goods or services, aimed at preventing prices from falling below a certain level.