Open-Ended Questions Give the Respondent a Narrow Choice of Possible

question 12

True/False

Open-ended questions give the respondent a narrow choice of possible answers,while a closed question gives a wider range of possible answers.

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Definitions:

Standby Customers

Customers who are available to purchase or subscribe to a service on an as-needed basis, often used in context with utilities or telecommunications.

Profit

The financial gain obtained when the revenue earned from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Economies of Scale

The cost advantage that arises with increased output of a product, leading to a reduction in the per-unit cost of production.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the cost per unit of output.