Because of Its Flexibility, ________ Are the Most Common Technique

question 107

Multiple Choice

Because of its flexibility, ________ are the most common technique of collecting primary data.

• A) questionnaires
• B) telephonic interviews
• C) behavioral research studies
• D) experimental designs
• E) focus groups

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Definitions:

Accounting Profit

Accounting profit is the financial gain calculated by subtracting total explicit costs from total revenue.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs necessary for the production of goods or services.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own use, without any direct payment made.

Opportunity Cost

The worth of the best alternative given up to make a choice.