Intuition authority tradition and common sense ?
Correct answer: C. are still used as tools of inquiry
- A. have been totally replaced the scientific method
- B. are all equally valid tools of inquiry
- C. are still used as tools of inquiry
- D. are just as exact as the scientific method
Explanation
Intuition, authority, tradition and common sense continue to influence inquiry, but they are less systematic and less testable than the scientific method. They therefore cannot be considered equally exact tools.
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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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