What Type of Data Result from Reading What Others Have

question 84

Multiple Choice

What type of data result from reading what others have experienced or observed and written down? 

• A)Primary data 
• B)Secondary data 
• C)Unreliable data 
• D)Sketchy data

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Definitions:

Price Floor

A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below a certain level.

Shortage

The occurrence of demand for a certain product or service outpacing the supply in the marketplace.

Surplus

The amount of an asset or resource that exceeds the portion that is actively utilized; in economic context, it often refers to excess production or budgetary surplus.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, often to protect consumers.