Determine Whether the Data Described Are Qualitative or Quantitative and Give

question 81

Multiple Choice

Determine whether the data described are qualitative or quantitative and give their level of measurement. If the data are quantitative, state whether they are continuous or discrete.
-The number of inches of rain in a month

• A)Qualitative, ratio, continuous
• B)Quantitative, interval, continuous
• C)Quantitative, ratio, discrete
• D)Quantitative, ratio, continuous

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Definitions:

Profit-maximizing

A strategy where firms set output and price levels to yield the highest possible profit.

Perfectly Competitive Market

A market structure characterized by many buyers and sellers, homogeneous products, and the freedom of entry and exit, leading to zero economic profit in the long run.

Marginal Revenue

The additional income received from selling one more unit of a product or service.

Profit-maximizing

The effort of a firm to adjust its production and sales strategies to generate the highest possible profit, taking into account cost and revenue curves.