"Freshman, Sophomore, Junior, Senior" Is an Example of What Level

question 24

Multiple Choice

"Freshman, sophomore, junior, senior" is an example of what level of measurement?

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

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Definitions:

Competitive Markets

Markets characterized by numerous buyers and sellers, where competition drives innovation, quality, and fair pricing.

Pure Competition

A market structure characterized by a large number of buyers and sellers where no single entity has the power to influence market prices significantly.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and product differentiation.

Diffusion of Innovation

The process by which a new idea, product, or behavior spreads through a population or social system over time.