Clustering Can Also Be Performed _______

question 93

Multiple Choice

Clustering can also be performed _______.

• A)by graphing data in a way that allows for visual identification of groups
• B)by graphing data in a way that allows for a simple regression analysis
• C)by the internal audit function before the data is transferred to the external auditors
• D)by the client's legal counsel, if necessary

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Definitions:

Output

The quantity of goods or services produced by a firm, industry, or economy in a given period.

X-inefficiency

X-inefficiency occurs when a firm produces outputs at higher costs than is necessary, often due to a lack of competitive pressure or motivation.

Economies of Scale

Reductions in the average cost of production as the volume of production increases.

Patents

Legal documents granting an inventor exclusive rights to manufacture, use, or sell their invention for a certain period of time.