Examlex
A researcher determines that the relative frequency of participants with prescription glasses is .23.Hence,the probability that participants will wear prescription glasses must be greater than p = .23.
Graph
A diagram representing data visually, using lines, bars, or other symbols.
Implicit Cost
Refers to the opportunity costs that are not directly paid for in money but represent the loss of value from using resources for a particular venture instead of their best alternative use.
Explicit Cost
Direct, out-of-pocket payments for goods or services used in the production of a product or offering of a service.
Sole Proprietor
An individual who owns and operates a business alone, bearing all the responsibilities and benefits of the business.
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