Determine Whether the Data Described Are Qualitative or Quantitative and Give

question 50

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.
-Maximum daily temperature on the Kelvin scale

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

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Definitions:

Average Total Cost

The cost of producing each unit, calculated by dividing the overall production expenses by the quantity of units manufactured.

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.

Marginal Cost

The increase or decrease in the total cost incurred from producing one additional unit of a good or service.