A Consumer Has Been Asked to Rank Five Cars Based

question 115

Multiple Choice

A consumer has been asked to rank five cars based upon their desirability.This level of measurement is _______.

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

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Definitions:

Diminishing Returns

A principle stating that as more of a variable input is added to fixed inputs, the additional output gained from each new unit of input eventually decreases.

Marginal Product

The additional output that can be produced by adding one more unit of a specific input, ceteris paribus.

Production Technique

The method or process used to convert inputs into outputs in manufacturing or service delivery.

Price of Labor

The wages or salary paid to workers for their labor, typically determined by the supply and demand for labor in the market.