Matt Is Conducting Research on Consumer Preference for Different Products

question 62

Multiple Choice

Matt is conducting research on consumer preference for different products.Matt has participants provide a rank order of the products they prefer.By asking for a ranking of their preferences, Matt is using an) ________scale.

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

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Definitions:

Short-term Predictions

Forecasts made over a relatively short period, typically focusing on immediate or near-future trends or events.

Cyclical Variation

Periodic fluctuations in data or trends that happen over longer time intervals and are often related to economic, environmental, or societal cycles.

Seasonal Variation

A pattern seen in statistical data that occurs at regular intervals due to seasonal factors.

Random Variation

The unpredictability in the behavior or outcome of a process, due to the influence of random factors or noise.