A Researcher Has Calculated the Mean for a Variable That

question 16

Multiple Choice

A researcher has calculated the mean for a variable that is ordinal in level of measurement.

• A) This operation is a violation of level of measurement criterion and the results should be disregarded
• B) This violation of level of measurement criterion is common and results should be treated with caution
• C) No violation has occurred, this is a perfectly acceptable application of statistics
• D) This is a mistake: means should never be calculated for ordinal variables

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Definitions:

Market Equilibrium

A situation in which market supply equals market demand, and prices stabilize.

Demand Price

The highest price consumers are willing to pay for a good or service at a given quantity, reflecting the value placed on the item by the market.

Substitutes

Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.

Imposes a Quota

A restriction, set by a government, on the maximum number of units of a particular product that can be imported or exported within a given period.