How Many Independent Variables Are There in a 2*2*2 Factorial

question 23

Multiple Choice

How many independent variables are there in a 2*2*2 factorial design?

• A)2
• B)3
• C)4
• D)8

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Definitions:

Implicit Costs

The opportunity costs associated with a company's own resources, not directly paid for with cash but are the result of using assets instead of investing them elsewhere.

Economic Profit

The difference between total revenue and the total costs, including both explicit and implicit costs, unlike accounting profit which only considers explicit costs.

Explicit Costs

Direct financial payments made to acquire resources or services for business operations.

Total Economic Costs

The sum of explicit and implicit costs representing the total resources expended in the production of goods or services.