The use of surveys of experts to estimate long-run production costs may be undermined by the fact that:
A)it is a time-consuming process.
B)it is dependent on the judgments of individuals closely connected with the industry.
C)reporting biases can occur.
D)all of the above.

Question

Quizplus · Accepted Answer

The use of surveys of experts to estimate long-run production costs can be undermined because it is a time-consuming process, it relies on the judgments of individuals closely connected with the industry, and reporting biases can occur. These factors may affect the accuracy and reliability of the estimates provided by the experts, making them less useful for decision-making purposes. Therefore, it is important to carefully consider the limitations and potential sources of error associated with expert surveys when using them to inform business decisions.

The Use of Surveys of Experts to Estimate Long-Run Production