In Looking Over the Responses Given to the Items in Question

question 19

Multiple Choice

In looking over the responses given to the items in question 8,you notice that a respondent checked "strongly agree" to all four items.As a methodologist,which of the following statements BEST describes your ideas about the respondent?

• A) The respondent is a scale type 12.
• B) The respondent probably fell into a response set.
• C) The respondent is probably unsure about his or her feelings toward education.
• D) The respondent must strongly agree with all the items.
• E) The respondent has a high opinion of education.

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Definitions:

Price Higher Than Marginal Cost

A situation where the selling price of a product is set above the marginal cost of production, often leading to increased profitability but potentially distorting market efficiency.

Economic Profit

Economic profit is the difference between a firm's total revenue and its total costs, including both explicit and implicit costs, thereby measuring efficiency beyond accounting profit.

Long Run

In economics, the time period in which all factors of production and costs can be fully adjusted, contrasting with the short run where some costs are fixed.

Marginal Revenue

The additional income received from selling one more unit of a good or service.