Researchers Can Avoid the Pitfall That Traps Many in the Industry

question 30

Multiple Choice

Researchers can avoid the pitfall that traps many in the industry by understanding the difference between ___________ significance and ___________ significance.

• A) objective; subjective
• B) quantitative; qualitative
• C) statistical; managerial
• D) statistical; practical
• E) relevant; irrelevant

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Definitions:

Marginal Benefit Curve

A graphical representation showing how the benefit to consumers changes with each additional unit consumed.

Total Benefit

The entire value or advantage received from consuming a good or service.

Marginal Benefit

The increased happiness or advantage someone gets from using another unit of a certain good or service.

Marginal Benefit

The additional satisfaction or utility gained from consuming or producing one more unit of a good or service.