A Point System Used to Assign Grades Is an Example

question 5

Multiple Choice

A point system used to assign grades is an example of

• A) relative grading
• B) correcting for guessing
• C) standardized testing
• D) absolute grading

---

Definitions:

Entrance Fee

A charge for admission to a facility, event, or institution.

Profit Function

An equation or model that represents the total profit of a business, calculated as total revenue minus total costs.

Consumer Surplus

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

Two-part Tariff

A pricing strategy that consists of a fixed fee plus a variable usage fee, common in services like utilities.