For the Variable in My Study (Variable 'X'), I Can

question 87

Multiple Choice

For the variable in my study (Variable 'X') , I can say that someone with a score of 30 has 5 times more 'X' than someone with a score of 6. If so, Variable 'X' is measured at the ______ level of measurement

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

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Definitions:

Monopolist

A monopolist is a single supplier in a market who has significant control over prices and the availability of a product or service.

Economies of Scale

Economies of scale are cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of operation increases with the reduction in average costs.

Fixed Costs

Fixed costs are business expenses that remain unchanged regardless of the level of production or sales, such as rent, salaries, and insurance premiums.