Both Unreliability (Unsystematic Error) and Systematic Error (Bias) Threaten __________

question 51

Short Answer

Both unreliability (unsystematic error) and systematic error (bias) threaten __________.

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Definitions:

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

MC = MR

This abbreviation stands for the equality of marginal cost (MC) and marginal revenue (MR), a condition for profit maximization in perfectly competitive markets.

Profit

The profit achieved when the income from business operations surpasses all associated expenses, costs, and taxes.

MC < MR

A condition in which the marginal cost of producing an additional item is less than the marginal revenue earned from selling it, suggesting that increasing production is profitable.