Which of the Following Statements Are Correct

question 13

Multiple Choice

Which of the following statements are correct?
I. The ʺhighest-valued alternative given up to get somethingʺ is the opportunity cost.
II. Wealthy economies donʹt experience opportunity costs.
III. Scarcity creates opportunity costs.

• A) I and II
• B) I and III
• C) I only
• D) I, II, and III

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Definitions:

Acceptance Sampling

A statistical quality control method where a random sample of items from a lot is inspected to decide if the entire lot should be accepted or rejected.

Defects

Imperfections or faults in a product or process that deviate from the desired specifications, affecting quality.

Sigma Control Limits

Statistical boundaries set in process control that represent acceptable variations in product quality or process performance, typically associated with Six Sigma methodology.

Sample Ranges

The difference between the highest and lowest values in a set of data samples, often used in statistical analysis to measure variability.