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At the end of a safari,the tour guide asks the vacationers to respond to the questions listed below.For each question,determine whether the possible responses are interval,nominal,or ordinal.
a.How many safaris have you taken prior to this one?
b.Do you feel that your tour safari lasted sufficiently long (yes/no)?
c.Which of the following features of the accommodations did you find most attractive: location,facilities,room size,service,or price?
d.What is the maximum number of hours per day that you would like to spend traveling?
e.Is your overall rating of this safari: excellent,good,fair,or poor?
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and product differentiation.
Economic Profit
A rephrased definition: The profit achieved after deducting both explicit and implicit costs, representing the true surplus from economic activities.
Monopolistic Competition
A market structure where many companies sell products that are similar but not identical.
Marginal Cost
The increase in costs from making an additional unit of a product or service.
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