EXPLANATION: the Rating Is Interval Scale Not Ordinal Scale Because

question 112

Multiple Choice

EXPLANATION: The rating is interval scale not ordinal scale because the difference in rating
between "80" and "90" can be treated as the same as the difference between "30" and "40" but a
rating of "80" does not imply twice the level of satisfaction level as a rating of "40".
KEYWORDS: interval scale, types of data
1-8 Defining and Collecting Data
-Referring to Scenario 1-1, the possible responses to the question "What is your age at last
Birthday?" result in

• A) a nominal scale variable.
• B) an ordinal scale variable.
• C) an interval scale variable.
• D) a ratio scale variable.

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Definitions:

Third-Degree Price Discrimination

A pricing strategy where a seller charges different prices to different customer groups based on attributes like age, location, or income.

Profit-Maximizing Monopolist

A single seller in a market who determines the optimal level of output and price to maximize profits, facing no competition.

Same Price

A situation where different products, services, or commodities are sold for an identical amount of money.

Market 1

A generalized term referring to a space or system in which buyers and sellers engage in the exchange of goods, services, or information.