What Is Face Validity, and How Does It Apply to S

question 100

Essay

What is face validity, and how does it apply to S and B data? What is a limitation of face validity for evaluating the quality of B data? Do you think this concern also applies to S data?

---

Definitions:

Long Run

A period of time in which all factors of production and costs are variable, allowing for full adjustment to change.

Marginal Cost Curve

The marginal cost curve graphically represents how the cost of producing one additional unit of a good changes as production volume varies.

Marginal Product

The increased output achieved by adding one more unit of a certain input, with all other inputs held steady.

Marginal Cost

The cost of producing one additional unit of a good or service, used in decision-making on production levels.