Which of the Following Is Considered Data

question 153

Multiple Choice

Which of the following is considered data?

• A)Quantity sold
• B)Best customer by month
• C)Best-selling item by month
• D)Worst-selling item by month

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Definitions:

Competitive Firm

A company that operates in a market where prices are determined through competition amongst businesses.

Firm's Profit

The financial gain a company achieves when its total revenues exceed the total costs incurred in conducting its business activities.

Efficient Scale

The level of production at which the average total costs of production are minimized.

Long-Run Equilibrium

A state in which economic forces such as supply and demand are balanced, and in the context of production, all inputs, including prices and wages, can be adjusted.