(I a Frequency Table Is a Grouping of Qualitative Data

question 71

Multiple Choice

(i. A frequency table is a grouping of qualitative data into mutually exclusive classes showing the number of observations in each class. (ii) Simple bar charts may be constructed either horizontally or vertically.
(iii) A relative frequency table shows the fraction or percent of the number of observations in each class.

• A) (i), (ii) and (iii) are all correct statements.
• B) (i) and, (ii) are correct statements but not (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and, (iii) are correct statements but not (i).

---

Definitions:

Maximum Profit

The highest possible financial gain a firm can achieve when the difference between total revenue and total cost is at its greatest.

Economic Profit

The split between a firm's entire proceeds and its total disbursements, embracing both acknowledged and veiled costs.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, equating to the opportunity cost of the resources employed.