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When the Scale Type Is Nominal, the Appropriate Measure of Central

question 11

Multiple Choice

When the scale type is nominal, the appropriate measure of central tendency is When the scale type is interval or ratio, the appropriate measure of central tendency is______________.


Definitions:

Price Discrimination

Charging different prices to different buyers for identical products.

Perfectly Price Discriminate

A situation where a seller charges each buyer their maximum willingness to pay, capturing all consumer surplus as profit.

Surplus

A condition where the supply of a product or service surpasses its demand at the existing price.

Monopolist

A Monopolist is a market participant who has exclusive control over the market for a particular good or service, facing no competition.

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