To Make Data More Manageable,it Is Sometimes Converted to Graphs

question 43

Multiple Choice

To make data more manageable,it is sometimes converted to graphs or tables.Graphs or tables can be created from

• A) nominal level data.
• B) ordinal level data.
• C) ratio level data.
• D) All of these

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Definitions:

Price Floor

A government-imposed minimum price charged on a product, below which that particular product cannot be supplied to the market.

Shortage

A scenario in which the market's need for a service or product surpasses its availability.

Surplus

An excess of production or supply over demand, often leading to lower prices or an inventory accumulation.

Price Ceiling

A government-imposed limit on how high a price is charged for a product, aimed at preventing prices from reaching levels deemed too high.