What Type of Data Are Defined as Variables That Are

question 3

Multiple Choice

What type of data are defined as variables that are named and placed into groups, classification, or classes?

• A) Ordinal Data
• B) Categorical Data
• C) Nominal Data
• D) Ratio Data

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Definitions:

Long-run Equilibrium

A state in which all factors of production and inputs in a market are fully adjusted to the market conditions, allowing for steady-state operation without excess supply or demand.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogeneous products, and no barriers to entry or exit.

Price

The capital needed to purchase a particular good or service.

Long-run Equilibrium

A state in which market supply and demand balance over time, leading to stable prices and full utilization of resources.