As with the Use of Other Rating Scales,the Use of Likert

question 89

Multiple Choice

As with the use of other rating scales,the use of Likert scales typically yields _______-level data.

• A) nominal
• B) ordinal
• C) interval
• D) ratio

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Definitions:

Market Price

The price at which goods and services are sold in the market, determined by the forces of supply and demand.

Profit

The financial gain made in a transaction or operation, calculated as total revenue minus total costs.

Total Variable Costs

The complete costs that vary with output level, such as materials and labor, in the production process.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit.