Secondary Data Should Always Be Sought Out First to Assist

question 62

Multiple Choice

Secondary data should always be sought out first to assist managers in making a decision. What supports this statement?

• A) The most popular method of collecting data around the world is "paper" (and pencil) surveys.
• B) Secondary information is much cheaper and faster than performing primary research.
• C) Primary information only offers qualitative data.
• D) Secondary information is always more specific to the problem at hand.
• E) Primary information is done through telephone surveys which, in general, people hate responding to.

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Definitions:

Excess Demand

A situation in a market where the quantity demanded of a good or service exceeds the quantity supplied at the current price.

Price Floor

A government or regulatory minimum price set above the equilibrium price, preventing the market price from falling below it.

Equilibrium Price

The market price at which the quantity of a good or service supplied is equal to the quantity demanded.

Maximum Price

A price ceiling set by a governing body, above which a particular good or service cannot legally be sold.