Historically, Which Is the Oldest Form of Statistics

question 18

Multiple Choice

Historically, which is the oldest form of statistics?

• A)descriptive
• B)inferential
• C)parametric
• D)nonparametric

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Definitions:

Profit-maximizing Level

The output level at which a firm achieves the highest possible profit.

Short-run

In economics, a period wherein at least one input (like capital) is fixed, and firms can only adjust variable inputs (like labor).

Normal Profits

The level of profit necessary to keep a firm in a specific industry or market in the long run, equating to the firm’s opportunity costs.

Profit-maximizing

A business strategy or operational mode where the primary goal is to achieve the maximum possible profits.