Which of the Following Statements Is True

question 35

Multiple Choice

Which of the following statements is true?

• A) Significance is better than meaningfulness.
• B) Meaningfulness is better than significance.
• C) Both significance and meaningfulness are equal in value.
• D) Neither significance nor meaningfulness is important in a study.

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Definitions:

Long-Run

In economics, a period in which all factors of production and costs are variable, allowing for full adjustment to change.

Maximize Profits

A strategy or objective of firms to achieve the highest possible financial gain by optimizing production and sales, while minimizing costs.

Long-Run Cost Function

Describes the minimum cost at which a firm can produce any given level of output when all inputs, including capital, are variable.

Positive Output

The result of production processes that lead to an increase in the quantity of goods or services produced.