A Census Is

question 63

Multiple Choice

A census is:

• A) a complete enumeration of the population.
• B) a survey of the entire population.
• C) the measurement of a sample.
• D) answers A and B are both correct.
• E) answers A and C are both correct.

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Definitions:

Fixed Factors

Inputs in production that cannot be altered in the short term, such as buildings and machinery.

Output

The amount of goods and services produced by a business, industry, or economy.

Marginal Cost

The cost added by producing one additional unit of a product or service, important for decision-making in resource allocation.

Average Total Cost

The total cost of production divided by the quantity of output produced; it includes all fixed and variable costs.