When Organizing a Frequency Table for a Variable Measured at the Ordinal

question 18

Multiple Choice

When organizing a frequency table for a variable measured at the ordinal level:

• A)categories may be arranged from lowest to highest.
• B)categories are not in order.
• C)categories may be arranged from highest to lowest.
• D)a & c

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Definitions:

Total Utility

The total satisfaction or benefit received by consuming a product or service.

Budget Line

A graphical representation showing all possible combinations of two goods or services that a consumer can afford with their income, given the prices of the goods.

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, indicating the same level of satisfaction.

Marginal Utility

The extra pleasure or benefit obtained from the consumption of an additional unit of a product or service.