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:

Average-Variable-Cost Curve

A graphical representation showing how average variable costs of production vary with the level of output, typically U-shaped due to economies and diseconomies of scale.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the average cost of producing each unit.

Marginal-Cost Curve

A curve that shows the cost of producing one additional unit of a good or service.

Average-Total-Cost Curve

A graphical representation that shows the average total cost per unit of output at various levels of production.