When It Comes to External Secondary Data, Which of the Following

question 16

Multiple Choice

When it comes to external secondary data, which of the following statements if FALSE?

• A) Most people underestimate what is available.
• B) There is likely to be relevant external secondary data on almost any problem.
• C) The fundamental problem with relevant external secondary data is availability
• D) The fundamental problem with relevant external secondary data is identifying and accessing what is there.
• E) Researchers who know how much valuable secondary data exists may not know how to find it.

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Definitions:

Economic Profits

The remaining amount after deducting total expenses from the total income, taking into account all direct and indirect costs.

Profit Maximizes

A strategy or objective of businesses to achieve the highest possible profit, where total revenue exceeds total costs by the largest margin.

MR

Short for Marginal Revenue, it represents the additional income earned from selling one more unit of a good or service.

MC

Refers to Marginal Cost, the increase in total cost that arises from producing an additional unit of output.