When Do You Code Values as Numbers

question 11

Multiple Choice

When do you code values as numbers?

• A)When you have more numbers than you can use in your analysis.
• B)When you don't have enough numbers to run your analysis.
• C)When you have qualitative information you want to track and use in your analysis.
• D)When you don't have qualitative information you want to track and use in your analysis.

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Definitions:

Long Run

A period of time in which all factors of production and costs are variable, and firms can adjust all inputs.

Competitive Price-searcher

A market condition where sellers actively set prices and seek to differentiate their products in an effort to attract consumers in a competitive environment.

Economic Losses

Financial losses incurred by businesses or economies, often due to inefficiencies, misallocation of resources, or external factors.

Barriers to Entry

Barriers to entry are obstacles that make it difficult for new competitors to enter a market, including high initial costs, licensing requirements, and strong brand loyalty among consumers.