Explain the Difference Between Validity and Reliability

question 33

Essay

Explain the difference between validity and reliability. Explain whether they are related or independent concepts.

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Definitions:

Marginal Costs

The cost of producing a subsequent unit of a product or service.

Long Run

The long run is a period in economics where all inputs or factors of production can be varied, allowing firms to adjust fully to market conditions.

Economic Profit

The split between total revenue generation and total cost accrual, encompassing both declared and understood costs.

Long-Run Adjustments

Adjustments that firms make over a period where all inputs can be varied, and there are no fixed factors of production.