Miguel Interviewed 20 Bartenders About What It Is Like to Close

question 15

Multiple Choice

Miguel interviewed 20 bartenders about what it is like to close a bar in the early morning hours.He knew he reached saturation when

• A)he met his goal of conducting 20 interviews.
• B)his intuition,or "gut sense," indicated that he had collected sufficient data.
• C)interviews did not yield new insights but rather confirmed what he already knew.
• D)bartenders seemed bored and restless,wanting the interviews to end.

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Definitions:

Short-Run Supply

The supply of goods that occurs within a timeframe where at least one factor of production is fixed.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and ease of entry and exit.

MC Curve

The graph that shows the relationship between the marginal cost of producing each additional unit and the quantity produced.

Total Profit

The difference between total revenue and total costs, representing the overall earning performance of a business.