Quantitative Studies Use Which Type of Person

question 78

Multiple Choice

Quantitative studies use which type of person?

• A) first person
• B) third person
• C) second person
• D) negative person

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Definitions:

Opportunity Cost

The cost of foregone alternatives when one option is chosen over another, representing the benefits that could have been gained by taking the alternate path.

Law of Increasing Cost

The principle that as production of a good expands, the opportunity cost of producing an additional unit rises.

Marginal Output

Marginal Output is the additional quantity of output that is produced by utilizing one more unit of a certain input, holding all other inputs constant, used to assess productivity improvements or decreases.

Diseconomies of Scale

Diseconomies of scale occur when a company or business grows so large that the costs per unit increase, opposite of economies of scale where costs decrease with increasing production.