When a Research Team Has Gathered Data for Specific Research

question 56

Multiple Choice

When a research team has gathered data for specific research needs, this is known as

• A)primary data.
• B)data mining.
• C)secondary data.
• D)data recovery.
• E)data modeling.

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Definitions:

Tradeable Property Rights

Legal rights that allow owners to sell, lease, or otherwise transfer their property or its use to others.

Monopoly

An economic scenario where only one seller exists who offers a distinctive product to the marketplace.

Price Discrimination

A pricing strategy where different prices are charged for the same product or service in different markets or to different consumers.

Elastic Demand

A situation where the quantity demanded of a product is highly responsive to changes in its price.