You Conduct a Study and Ask for Participants to State

question 21

Multiple Choice

You conduct a study and ask for participants to state their age in years on a questionnaire.Upon consideration,you are advised by a peer to recode this variable into three age categories.Which of the following may be a valid reason for this change?

• A)To conduct a correlational analysis
• B)The distribution of the age variable is skewed
• C)There are missing values
• D)Participants were reluctant to state their actual age

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Definitions:

Marginal Cost

The cost to produce one additional unit of a good or service.

Average Variable

The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output produced.

Economic Loss

The decrease in financial value or wealth, often resulting from business operations, market movements, or external economic events.

Perfectly Competitive

Characterized by a large number of sellers and buyers, none of whom can influence market prices significantly.