Marital Status Is an Example of an Ordinal Scaled Variable

question 58

True/False

Marital status is an example of an ordinal scaled variable.

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Definitions:

Diseconomies of Scale

occur when a company or business grows so large that the costs per unit increase, causing efficiency to decrease.

Real Cost

The total cost of producing a good or service, including all resources consumed and opportunity costs, in contrast to its financial cost.

Law of Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other factors remain constant.

LRATC

Long-Run Average Total Cost, referring to the average cost per unit of output when all inputs are considered variable over time.