One of the Defining Attributes of Big Data Is Variety

question 28

Multiple Choice

One of the defining attributes of big data is variety.Variety 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:

Monopolistically Competitive

In a monopolistically competitive market, firms sell products that are not perfect substitutes for each other, leading to some degree of market power but with free entry and exit in the long run.

Positive Profit

A financial gain that occurs when the revenues from business activities exceed the expenses, costs, and taxes needed to sustain the operation.

Tangent

A straight line that touches a curve at a single point without crossing it at that point.

Long-run Equilibrium

A state in a market where all firms are making normal profits, with no incentives for entry or exit, and all factors of production are variable.