If You Were Looking at Information in a Database and You

question 53

Multiple Choice

If you were looking at information in a database and you able to see only the information you needed in the format you wanted,what type of database view would you see?

• A)Logical view
• B)High-level view
• C)User view
• D)Physical view

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Definitions:

Normal Profits

The minimum level of profit needed for a company to remain competitive in the market; it occurs when economic profit is zero after accounting for all costs, including opportunity costs.

Purely Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market, leading to price-taking behavior.

Long Run

A period in which all factors of production and costs are variable, allowing complete adjustment to changes.

Accounting Profits

The financial gain calculated by subtracting total expenses from total revenues, according to standard accounting practices.