Determine the Level of Measurement of the Variable

question 59

Multiple Choice

Determine the level of measurement of the variable.
-time spent playing basketball

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

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period.

Price Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in its price, indicating the sensitivity of consumers or producers to price changes.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.

Price Elasticity Of Demand

The ratio of the percentage change in quantity demanded of a product or resource to the percentage change in its price; a measure of the responsiveness of buyers to a change in the price of a product or resource.