When Working as a Summer Intern for a Local Retail

question 72

Multiple Choice

When working as a summer intern for a local retail store, Jan Halverson was sent to the library to look up data on population forecasts for the city of San Antonio. The population information she found would be considered

• A) primary data.
• B) secondary data.
• C) information data from syndicated research services.
• D) secondhand data.
• E) a primary database.

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with costs per unit of output generally decreasing with increasing scale.

Diseconomies of Scale

A situation in which a business's costs per unit increase as the scale of operation expands, opposite to economies of scale.

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the cost per unit of output.

Long Run

A period during which all inputs, including capital and labor, can be adjusted by firms. It is characterized by the flexibility of adjusting to conditions without any fixed constraints.