In a Survey for ACME Electric Co

question 60

Multiple Choice

In a survey for ACME Electric Co., Ralph Thomas asks the following questions: "What is your gender? Male-Female" and "How much do you estimate your monthly electric bill to be? $________." In the first question regarding gender, the answers are composed of a small number of distinct values or categories. In the second question, the answers are composed of numbers that have an "underlying measurement continuum." How would you classify these two questions in terms of the type of scale each represents?

• A) closed ended, scaled response
• B) closed ended, semantic dollar scale
• C) categorical, meteorological
• D) categorical, metric
• E) closed ended, metric

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Definitions:

First-Mover Advantage

Comes from being first to exploit a niche or enter a market.

Oligopolistic Industry

An industry structure marked by a small number of firms that dominate the market, often resulting in strategic interactions among these firms.

Strategic Behavior

Actions taken by firms or individuals that consider the anticipated reactions or responses of other firms or individuals.

Collusive Oligopoly

A market situation where a small number of firms agree, explicitly or implicitly, to control prices, market share, or other competitive dimensions, reducing or eliminating competition.