Determine Which of the Following Five Variables Are Numerical and Which

question 27

Multiple Choice

Determine which of the following five variables are numerical and which are categorical. age, gender, height, favorite candy, eye color

• A)Age, height, and favorite candy are numerical variables.Gender and ethnicity are categorical variables.
• B)Age and height are numerical variables.Gender, favorite candy, and eye color are categorical variables.
• C)All of the variables are categorical.
• D)All of the variables are numerical.

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Definitions:

Monopolistically Competitive

A type of market structure characterized by many sellers offering differentiated products, leading to competition based on product features, price, and quality.

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Price

The sum of money anticipated, demanded, or provided as compensation for something.

Long-run Equilibrium

A state in which economic forces such as supply and demand are balanced, and all adjustments to economic conditions have been made, often characterized by firms earning normal profit in perfectly competitive markets.