A trained observer_________________?
Correct answer: B. knows which data are relevant to the research problem
- A. knows what to expect
- B. knows which data are relevant to the research problem
- C. records everything that he or she sees
- D. is most a home in experimental settings?
Explanation
A trained observer distinguishes information relevant to the research question from irrelevant detail and records it systematically. Merely knowing what to expect can introduce bias, and trained observation is not limited to experiments.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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