When Working as a Summer Intern for a Local Retail

question 8

Multiple Choice

When working as a summer intern for a local retail store, Jennifer Meachem was sent to the library to look for data on population forecasts for the Gold Coast.The population information she found would be considered:

• A)primary data.
• B)secondary data.
• C)information data from syndicated research services.
• D)second-hand data.

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Definitions:

Maximizes Profit

The strategy or process implemented to increase the difference between total revenue and total costs to the highest possible amount.

Marginal Revenue

Income gained by selling an additional unit of a product or service.

Marginal Cost

The increased expenditure incurred from producing one more unit of a product or service.

Demand Curve

A visual diagram that illustrates how the quantity of a product demanded by buyers correlates with its price.