When Data Are Organized into Levels, the Highest Data Level

question 63

Multiple Choice

When data are organized into levels, the highest data level is:

• A) interval level data.
• B) nominal level data.
• C) ordinal level data.
• D) ratio level data.

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a certain period of time.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.

Price

The monetary amount anticipated, imperative, or tendered in exchange for something.

Price-discriminating Monopolist

A monopolist that charges different prices to different consumers or groups of consumers for the same product or service, to maximize profit.