Which of the Following Statements Is TRUE Regarding the Characteristics

question 11

Multiple Choice

Which of the following statements is TRUE regarding the characteristics of good information?

• A) Information needs to be more than just barely sufficient for the purpose for which it is generated.
• B) Information must hold an appropriate relationship between its cost and value.
• C) Accurate information can be based on incomplete data.
• D) Good information is just recorded facts and figures.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a certain period.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period of time.

Increase in Demand

A shift of the demand curve to the right, indicating that consumers are willing and able to purchase more of a good or service at every price.

Supply Curve

A pictorial display indicating how the price of an item affects the quantity of the item sellers are eager to sell.