Determine Whether the Statement Is Based on Census Data or Sample

question 47

Multiple Choice

Determine whether the statement is based on census data or sample data.
-After inspecting all of 55,000 kg of meat stored at the Wurst Sausage Company, it was found that 45,000 kg of
The meat was spoiled.

• A)Census data
• B)Sample data

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Definitions:

Short Run

A period in economics during which at least one factor of production is fixed, limiting the ability of the economy or firm to adjust.

Long Run

A time frame in economics where all factors of production can be varied, allowing for full adjustment to changes.

Marginal Revenue

The enhanced earnings a business receives by selling one more unit of its goods or services.

Marginal Cost

The swell in overall financial outlay resulting from the crafting of an extra unit of a good or service.