One of the Defining Attributes of Big Data Is Volume

question 15

Multiple Choice

One of the defining attributes of big data is volume.Volume is defined as:

• A)The diversity of data that entities collect or create
• B)The extent to which data are objective and representative relative to the decision at hand
• C)The speed at which data are created
• D)The quantity and scale of data that entities collect or create

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Definitions:

Most Efficient Output

The level of production at which a firm operates with the lowest average total cost, achieving optimal efficiency.

Long Run

A period in economic analysis in which all inputs can be adjusted and no factors are fixed.

Perfect Competition

a market structure characterized by a large number of small firms, producing identical products, with no single firm able to influence the market price.

Price Takers

Firms or individuals in a market who accept the prevailing prices as they cannot influence them due to their small market share in highly competitive markets.