A Student Finds a Tool That Measures Adaptability and Wants

question 19

Multiple Choice

A student finds a tool that measures adaptability and wants to use it for the student's master's thesis. The tool has 25 items, and they are all of the ordinal level, scaled 0 through 5. The authors of the tool, all pragmatists, are most likely to identify which level of measurement for this tool?

• A)Ratio level
• B)Interval level
• C)Ordinal level
• D)Nominal level

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Definitions:

Perfectly Competitive

A perfectly competitive market is one where many buyers and sellers trade identical products so that each has no influence on the market price.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a firm to adjust to changes in market demand or supply.

Long-Run Industry

A period in which all factors of production and costs can be variable, allowing for adjustment to changes in market conditions.

Zero-Profit Equilibrium

A situation where a firm's total revenues exactly equal its total costs, resulting in no economic profit.