Determine the Level of Measurement of the Variable

question 69

Multiple Choice

Determine the level of measurement of the variable.
-height of a tree

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

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Definitions:

Profit

The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes.

License Fee

A charge paid for permission to use intellectual property, enter a market, or perform certain activities within a regulatory framework.

Economic Profit

The surplus remaining after total costs are subtracted from total revenue, considering both explicit and implicit costs.

Marginal Revenue

The additional income earned by a firm from selling one more unit of a good or service.