Criterion Measures That Are Chosen for the Validation Process Must

question 15

Multiple Choice

Criterion measures that are chosen for the validation process must be

• A)relevant
• B)uncontaminated
• C)reliable
• D)All of the above

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Definitions:

Marginal Cost

The increase or decrease in the total cost of a product when the production volume is increased by one unit.

Opportunity Costs

The cost of an alternative that must be forgone to pursue a certain action, representing the benefits that could have been received by taking an alternative action.

Economic Costs

The total cost of choosing one action over another, including both explicit costs (direct payment) and implicit costs (opportunity costs).

Accounting Costs

Accounting costs, also known as explicit costs, refer to actual expenditures incurred by a business.