On a Survey of Beverages You Consumed During the Past

question 105

Multiple Choice

On a survey of beverages you consumed during the past week,you are presented with the following choices: water,milk,coffee,tea,and soda.What format is being used?

• A) open-ended question format
• B) closed-question format
• C) stream of consciousness format
• D) multiple choice format

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Definitions:

Shortage

A situation in which the demand for a product or service exceeds its supply in a market.

Accounting Profits

The total revenue of a company minus the explicit costs and depreciation.

Normal Profits

The return to the business owners for the opportunity cost of their implicit inputs.

MRP

Marginal Revenue Product, a term in economics that represents the additional revenue generated by employing one more unit of a factor, such as labor or capital.