Which of the Following Is True About Secondary Data

question 70

Multiple Choice

Which of the following is true about secondary data?

• A) It is always current and, unlike primary data, it does not have to be updated.
• B) Unlike primary data, it can be obtained by using direct surveys and questionnaires by the company.
• C) It cannot provide extra information a company is looking for.
• D) It can be obtained more quickly and at a lower cost than primary data.
• E) It requires more effort compared to gathering primary data.

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Definitions:

Short Run

A time period in economics during which at least one input, such as plant size or capital, is fixed and cannot be changed.

Total Fixed Cost (TFC)

The sum of all costs required to produce any level of output that does not change as the level of production increases or decreases.

Total Costs (TC)

The total of variable and fixed expenses a business faces while creating goods or services.

Total Fixed Costs

The overall sum of all costs that do not change with the level of output, such as rent, salaries, and insurance.