Age, Measured in Years, Is an Example of A(n) ______-Level

question 12

Multiple Choice

Age, measured in years, is an example of a(n) ______-level variable.

• A) nominal
• B) ordinal
• C) interval
• D) ratio

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Definitions:

Monopolistic Competition

A reiteration with emphasis on a market setting where firms sell differentiated products, allowing each to have some degree of market power, facing a downward-sloping demand curve.

Short-Run Equilibrium

A state in a market where supply equals demand, but only considering a period in which some factors, like production capacity, remain constant.

Constant-Cost Industry

An industry in which the entry and exit of firms have no effect on the prices firms in the industry must pay for resources and thus no effect on production costs.

Long-Run Economic Profits

Profits earned by a firm when all resources are adjusted to their long-term optimal level, indicating the firm is in equilibrium and cannot earn higher profits by altering production.