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When data are based on a nominal scale of measurement, what measure of central tendency should be used?
Decision Making
The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.
Barriers To Entry
Obstacles that make it difficult for new competitors to enter a market, including high start-up costs, regulatory requirements, and established brand loyalty.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing an excess return over and above normal profits.
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