The Ability of a Data Collection Technique to Provide Many

question 30

Multiple Choice

The ability of a data collection technique to provide many types of primary data is known as

• A) Breadth of scope.
• B) Cost efficiency.
• C) Communicability.
• D) Versatility.
• E) Objectivity.

---

Definitions:

Profit-maximizing Firm

A company that adjusts its production and sales levels to achieve the highest possible profit based on its cost structure and market price.

MRP = MRC

An equality suggesting that the marginal revenue product (additional revenue from one more unit of an input) equals the marginal resource cost (cost of acquiring one additional unit of the input).

Resource Price

The cost associated with acquiring resources needed for production, such as labor, land, and capital.

Derived Demand

Demand for a good or service that arises from the demand for another good or service.