Summarizing a Number of Survey Questions into a Single Concept

question 56

Multiple Choice

Summarizing a number of survey questions into a single concept could be achieved with which type of analysis?

• A)factor analysis
• B)multiple discriminant analysis
• C)multiple regression analysis
• D)cluster analysis

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Definitions:

Economic Profit

The gap highlighted by the difference in total income and total outgoings, including every cost, for a company.

Monopolistically Competitive

A monopolistically competitive market structure is characterized by many firms offering differentiated products or services, allowing for some degree of market power and pricing over their unique products.

Demand Schedule

A table or graph showing the quantity of a good or service that consumers are willing and able to purchase at various price points, illustrating the relationship between price and demand.

Economic Profit

A measure of profitability calculated by subtracting both explicit and implicit costs from total revenues, indicating the financial success beyond recovering invested costs.