Which Type of Data Is Likely to Be the Most

question 86

Multiple Choice

Which type of data is likely to be the most subjective and judgmental?

• A) I
• B) B
• C) L
• D) S

---

Definitions:

Marginal Cost

captures the cost added by producing one extra item of a product, emphasizing the concept of economies of scale and efficiency in production.

Marginal Product

An increase in output resulting from the use of one more unit of a particular input, holding all other inputs constant.

Opportunity Costs

The price paid when one skips the second-best option available in making a choice.

Economic Costs

The total costs of undertaking an economic activity, including both explicit costs and opportunity costs.