Which of the Following Sources of Data Should Be Looked

question 1

Multiple Choice

Which of the following sources of data should be looked first?

• A) primary data
• B) external secondary data
• C) internal secondary data
• D) census data

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Definitions:

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Substitution Effect

The change in demand for a good that results from a change in its price, making consumers more likely to purchase more of a less expensive alternative or less of a more expensive one.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity demanded by consumers, typically downward-sloping.

Marginal Utility Data

Information regarding the additional satisfaction or use received by consuming one more unit of a good or service.