A Single Value Collected in the Context of Research Is

question 18

Multiple Choice

A single value collected in the context of research is a ______, whereas multiple values collected in the context of research are ______ .

• A) parameter, statistic
• B) data, datum
• C) statistic, parameter
• D) datum, data

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Definitions:

Total Product

The total amount of output that a firm produces, usually measured over a certain time period, using all available inputs.

Total Costs

The sum of all expenses a company incurs to produce its goods or services, including fixed and variable costs.

Average Variable Costs

The total variable costs of production divided by the quantity of output produced.