For Which Type of Data Is the Mode Most Frequently

question 24

Multiple Choice

For which type of data is the mode most frequently used?

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

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Definitions:

Penetration Pricing

A pricing strategy where the price of a new product is intentionally set lower than the competition to gain market share quickly.

Price Skimming

A pricing strategy in which a company charges the highest initial price that customers will pay for a new product, then gradually lowers the price to attract more price-sensitive customers.

Variable Costs

Costs that change in proportion to the level of activity or volume of output in a business, such as raw materials and labor costs.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent or salaries.