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Explain What Is Meant by Internal and External Validity

question 85

Essay

Explain what is meant by internal and external validity.


Definitions:

Marginal Benefit

The enlarged happiness or benefit achieved from consuming an extra unit of a good or service.

Marginal Cost

The cost added by producing one additional unit of a product, emphasizing the variations in expenses as production scales.

Economically Desirable

Attributes or actions that are beneficial from an economic standpoint, promoting efficiency, growth, or productivity.

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