When Creating This Measure,two or More Items Are Combined into a Single

question 52

Multiple Choice

When creating this measure,two or more items are combined into a single numerical score.What is this called?

• A)indention
• B)scale
• C)median
• D)index

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Definitions:

Positive Profits

The financial gain that occurs when total revenue exceeds total costs.

Long Run

A period in which all factors of production and costs are variable, allowing full adjustment to any change in market conditions.

Economic Profit

The difference between total revenues earned from production and the total opportunity costs of all inputs used in production.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment to changes in market conditions.