Which Statement About Quantitative Data Is CORRECT

question 42

Multiple Choice

Which statement about quantitative data is CORRECT?

• A) Demographic data are qualitative data.
• B) Ideally, every study includes some quantitative data.
• C) Qualitative data can sometimes be quantified to some extent.
• D) Analysis of quantitative data involves no subjective decisions.

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and inputs can be adjusted by firms, leading to a situation where no firm has an incentive to change its output or production method.

LRAC Curve

Long-Run Average Cost Curve, a graphical representation showing the minimum cost at which any output level can be produced in the long run.

Exiting Firms

Businesses that are leaving a particular market due to various reasons such as unprofitability, strategic realignment, or market saturation.

Increasing-Cost Industry

An industry in which production costs increase as the industry's output expands.