Even Though Primary Data Can Be Especially Valuable to an Individual

question 281

Multiple Choice

Even though primary data can be especially valuable to an individual firm, secondary data are often used because

• A) secondary data are much more up-to-date and tailored to a specific firm or industry.
• B) secondary data, although far more expensive, are also much more reliable.
• C) primary data are usually more costly and time-consuming to collect.
• D) primary data can be accessed by virtually anyone so the information generated loses much of its value.
• E) primary data are less fact and figure based; they are more subjective and therefore more vulnerable to misinterpretation.

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Definitions:

Roses

Flowering plants known for their beauty and fragrance, often cultivated for decorative purposes and their symbolic significance in various cultures.

Consumer Surplus

A term often used to refer both to individual consumer surplus and to total consumer surplus.

International Trade

International trade involves the exchange of goods and services between countries, driven by comparative advantages that allow countries to produce goods more efficiently.

Autarky Price

The price of a good in a closed economy that does not engage in international trade, determined solely by domestic supply and demand.