A Variable That Can Only Take on Specific Numeric Values

question 33

Multiple Choice

A variable that can only take on specific numeric values is called a

• A)categorical variable.
• B)discrete random variable.
• C)continuous random variable.

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Definitions:

Marginal Revenue Product

Additional revenue resulting from the sale of output created by the use of one additional unit of an input.

Capital Inputs

The physical assets, financial resources, and human capital used in the production of goods and services.

Optimal Use

The most efficient, effective, or desirable utilization of resources or goods to achieve the best outcome or return.

Interest Rate

The percentage of a loan charged as cost to the borrower for the use of the money.