A Respondent of a Survey Indicates That He Is a Resident

question 74

Multiple Choice

A respondent of a survey indicates that he is a resident in the state of Ohio. This is an example of ---------data.

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

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Definitions:

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity supplied by producers at that price.

Q₁Q₂ Range

Refers to the spectrum between two quantities, Q₁ and Q₂, often used to describe the range of output levels in economic analysis.

Elastic Supply

A situation where the quantity supplied of a good or service changes significantly when its price changes.

Quantity Supplied

The amount of a commodity that producers are willing to sell at a particular price over a specified period.