What Does the Word 'Unit' Mean, in Statistical Terms

question 41

Multiple Choice

What does the word 'unit' mean, in statistical terms?

• A)The unit of measurement that is used (for example feet, inches, etc.)
• B)The people doing the sampling are called the sampling unit.
• C)A single individual or object to be measured.
• D)None of the above.

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Definitions:

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales, such as rent, salaries, and loan payments.

Selling Price

The amount at which a product or service is offered to the market.

Variable Cost

Expenses that change in proportion to the activity or volume of a business, such as raw materials and labor costs directly tied to production levels.

Average Variable Cost

This is the average amount of variable costs (costs that change with production levels) per unit produced.