As a Rule, _____ Approaches Were Found to Be Superior

question 13

Multiple Choice

As a rule, _____ approaches were found to be superior to _____ approaches.

• A) geographic; statistical
• B) psychological; statistical
• C) psychological; geographic
• D) statistical; intuitive

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Definitions:

Profitable Output

The production or output level from a business operation that generates a financial gain or profit.

Firm

An organization engaged in commercial, industrial, or professional activities, typically with the aim of earning a profit.

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a period when all factors of production can vary.

Output

Refers to the quantity of goods or services produced in a given time period by a firm or economy.