The Simplest Scale of Measurement Is the Ordinal Scale

question 11

True/False

The simplest scale of measurement is the ordinal scale.

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Definitions:

Supply and Demand

The fundamental economic model describing how prices vary as a result of a balance between product availability and the desire of buyers.

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared to buy at a specific price point.

Demand Decreased

A situation where there is a reduction in the quantity of a product or service that consumers are willing or able to buy at given prices.

Supply Increased

A situation where the quantity of goods or services that producers are willing to offer for sale at a given price level rises.