Both Discrete and Continuous Variables May Assume an Uncountable Number

question 34

True/False

Both discrete and continuous variables may assume an uncountable number of values.

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Definitions:

Economic Losses

Financial deficits that occur when costs exceed revenues, or when the economic value generated is less than the resources used.

Zero Economic Profit

A situation where total revenue equals total cost, meaning the firm is covering all its opportunity costs but is not making excess profit.

Potential Competitors

Businesses not currently in the market but have the potential to enter and compete.

Market Entry

The strategy or means by which a company enters a new market to sell its products or services.