Whenever We Are Presented with "Nose-Counting" Data, Such as How

question 81

Multiple Choice

Whenever we are presented with "nose-counting" data, such as how many persons are registered as republicans versus those registered as democrats, the data form is

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

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Definitions:

Perfect Price Discrimination

A pricing strategy where a seller charges each buyer their maximum willingness to pay, extracting all the consumer surplus.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Third-Degree Price Discrimination

Practice of dividing consumers into two or more groups.

Price Elasticities

Measures of how the quantity demanded or supplied of a good responds to a change in its price.