A Business Is Attempting to Find the Best Small Town

question 20

Multiple Choice

A business is attempting to find the best small town in Canada in which to relocate.As part of the investigation, the elevations of all small towns in Canada are researched.Some towns are located high in the Rockies with elevations over 2,000 metres.There are even some towns located in the Maritimes with elevations below sea level.These elevations can best be described as which level of data?

• A)interval level
• B)ordinal level
• C)nominal level
• D)ratio level
• E)relative level

---

Definitions:

Monopolistically Competitive

An economic scenario in which numerous companies offer products that are alike but not exactly the same, facilitating rivalry through distinctions in their products.

Excess Capacity

A situation in which a firm or industry has more resources available, particularly production capabilities, than is being utilized due to insufficient demand.

Monopolistic Competition

A market structure characterized by many sellers selling products that are similar but not identical, allowing for limited control over market prices.

Excess Capacity

A situation where a company can produce more goods or services than currently demanded, often leading to inefficiencies and lowered prices.