Determine Which of the Following Describes Ordinal Data

question 13

Multiple Choice

Determine which of the following describes ordinal data.
i. In the horse race, Betty's Girl won, Mr. Ed placed, and Wabash showed.
ii. In the horse race, I bet on Betty's Girl to win, Mr. Ed to place, and Wabash to show.

• A) both i and ii
• B) neither i nor ii
• C) i only
• D) ii only

Analyze the impact of market price changes on producer surplus and market entry.

Comprehend the role of supply curve in determining costs and producer surplus.

Measure the efficiency and equality implications of market equilibriums and policies.

Calculate total surplus and understand its division between consumers and producers.

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Definitions:

Output Units

The measured quantity of goods or services produced by a firm or industry.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment to changes.

Extensive Range

A wide scope or variety of something, covering a broad spectrum.

Constant Returns to Scale

A situation in which increasing the scale of production inputs results in a proportional increase in the output.