Probably the Most Important Control Over Observer Bias Is

question 6

Multiple Choice

Probably the most important control over observer bias is

• A) the use of a detailed checklist.
• B) informing observers about the purpose of the study.
• C) restricting observations to the public domain.
• D) the awareness that observer bias might be present.

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Definitions:

Accounting Profit

The difference between total monetary revenue and total monetary costs, excluding the consideration of opportunity costs.

Explicit Costs

These are the direct, clear expenses related to business operations, such as salaries, utilities, and rent, that are easily quantifiable.

Accounting Profit

The difference between the total revenue and explicit costs of a firm, not accounting for implicit costs.

Economic Profit

The variance between a company's overall incomes and its combined explicit and implicit expenses.