In Sciences and Social Sciences,another Term for Real-World Importance Is

question 154

Multiple Choice

In sciences and social sciences,another term for real-world importance is

• A)practical significance.
• B)statistical significance.
• C)inferential significance.
• D)differential significance.

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Definitions:

Maximum

The highest achievable level or value under specified conditions.

Natural Monopolies

Markets or industries where the production or provision of goods and services is most efficiently carried out by a single provider due to high fixed or startup costs.

Economies of Scale

Economic concept describing the cost advantage that arises with increased output of a product, where the average cost per unit decreases as production scales up.

Production

The process or activity of creating goods and services through the combination of labor, capital, and natural resources.