The Purpose of an Operational Definition Is to ____

question 32

Multiple Choice

The purpose of an operational definition is to ____.

• A) describe the relationship between a construct and theory
• B) provide a method for analyzing data related to a hypothetical construct
• C) provide a definition and a method for measuring a hypothetical construct
• D) provide a method for integrating a construct into a theory

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Definitions:

Diseconomies of Scale

The phenomenon where production costs increase as a firm or industry grows, leading to reduced efficiency and higher per-unit costs.

Law of Diminishing Returns

The principle that adding more of one factor of production, while keeping others constant, will eventually yield lower per-unit returns.

Economic Profit

The surplus remaining after deducting both explicit and implicit costs from total revenues, emphasizing a firm's financial performance beyond just its accounting profit.

Accounting Profit

Accounting profit is the monetary gain calculated by subtracting total explicit costs from total revenue.