A Rank-Order Scale of Measurement Is

question 104

Multiple Choice

A rank-order scale of measurement is:

• A) Nominal scale
• B) Ordinal scale
• C) Interval scale
• D) Ratio scale

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Definitions:

Purely Competitive

A market structure characterized by a large number of small firms, identical products, easy entry and exit, and perfect information, leading to price taking behavior.

Market Price

The price at which a good or service is offered in the marketplace where demand meets supply.

Purely Competitive

A market structure characterized by many buyers and sellers, all of whom sell homogeneous products, with no single party able to influence the market price.

Output Quantity

The amount of goods or services produced by a company or sector within a specific period.