Referring to Scenario 1-2, the Possible Responses to the Question

question 194

Multiple Choice

Referring to Scenario 1-2, the possible responses to the question "How many out of every 10 U.S.
Voters do you think feel that the U.S.economy is in a good shape?" 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:

MC Curve

The Marginal Cost curve, representing the increase in total cost incurred from producing one additional unit of a good or service.

AVC Curve

The graph that represents the average variable cost per unit of output at different levels of production.

Variable Cost

Costs that change in proportion to the level of output or activity, such as materials and labor used in production.

Fixed Cost

A constant expense that does not change with the level of production or sales.