Explain What Is Meant by Internal and External Validity

question 85

Essay

Explain what is meant by internal and external validity.

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Definitions:

Firms

Business organizations engaged in offering goods or services to consumers, often characterized by the ownership structure and size.

Concentrated

Concentrated refers to a situation or market in which a few firms hold a large market share, leading to reduced competition and higher barriers to entry.

Industry X

A placeholder name used for referring to a specific but unnamed industry or sector in a generic context.

Industry Y

This term does not refer to a specific established term within economic or business contexts so it's considered as NO.