Which of the Following Is an Advantage of the Observational

question 5

Multiple Choice

Which of the following is an advantage of the observational method over the communication method of gathering primary data?

• A) Versatility
• B) Speed
• C) Cost savings
• D) Objectivity
• E) None of the above.

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Definitions:

Choice Set

The collection of all possible alternatives or options available to a decision-maker.

Price Decreases

A reduction in the cost at which goods and services are sold, typically influencing demand.

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Video Game Rental

A service that allows consumers to borrow video games for a limited period of time for a fee.