Estimates Based on the Assumption That Historical Data Can Be

question 63

Multiple Choice

Estimates based on the assumption that historical data can be used as a frame of reference for current estimates are:

• A)Comparative estimates.
• B)Ballpark estimates.
• C)Definitive estimates.
• D)Feasibility estimates.

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Definitions:

Demand Schedule

A table that lists the quantities of a good a consumer is willing to purchase at different price levels during a specific time period.

Total Revenues

The total amount of money generated from sales of products or services before any expenses are subtracted.

Price

The amount of money or its equivalent required to purchase a good, service, or asset, acting as a reflection of its value.

Pizza Sellers

Businesses or individuals that sell pizza to consumers.