Secondary Data Are Generally More Useful Than Primary Data Because

question 278

True/False

Secondary data are generally more useful than primary data because secondary data are more voluminous, more readily available, and cheaper to obtain.

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a particular input, holding all other inputs constant.

Total Product

The overall quantity of output produced by a firm from a given quantity of inputs.

Short Run

In microeconomics, a period of time in which producers are able to change the quantities of some but not all of the resources they employ; a period in which some resources (usually plant) are fixed and some are variable.

Profits

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