Secondary Data Is Advantageous Because

question 100

Multiple Choice

Secondary data is advantageous because:

• A) it is often free or less expensive than primary data sources.
• B) the information is tailored to the company's specific research needs.
• C) data is timely and current.
• D) it allows researchers to ask specific questions in relation to their hypothesis.

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Definitions:

Total Revenue

The total income received by a company from its sales of goods or services, calculated without deducting any costs or expenses.

Price Range

The spread between the highest and lowest selling price of a commodity or service over a certain period of time, reflecting its market volatility or stability.

Elasticity of Demand

A determination of the responsiveness of consumer interest in a good due to price fluctuations.

Unit Elasticity

Describes a scenario in demand or supply where the percentage change in quantity demanded or supplied is equal to the percentage change in price.