What Is One Similarity Between Ordinal and Nominal Levels of Measurement

question 19

Multiple Choice

What is one similarity between ordinal and nominal levels of measurement?

• A) Both arespecific in order of cases.
• B) Both allow for a study of greater-than and less-than distinctions.
• C) Both are continuous measures.
• D) Both are discrete measures.

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Definitions:

Price of Earrings

The amount of money required to purchase earrings, which can vary based on materials, brand, and design.

Utility Function

An analytical model that illustrates how buyers prioritize various combinations of products based on the amount of pleasure or utility derived from those combinations.

Consumer's Surplus

The variance between the aggregate sum consumers intend and have the means to pay for a good or service, and the sum they actually pay.

Price of Earplugs

The cost at which earplugs are sold, reflecting manufacturing costs, market demand, and competitive pricing strategies.