Numbers Are Assigned to Each Player on the University Basketball

question 145

Multiple Choice

Numbers are assigned to each player on the university basketball team.This use of numbers could BEST be characterized as

• A) a nominal scale.
• B) an ordinal scale.
• C) an interval scale.
• D) a ratio scale.

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Definitions:

Full Cost

Full cost involves calculating the total cost of production, including both fixed and variable costs, to assess the overall expenses incurred by a business.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers from market transactions.

Equilibrium

The market condition where supply equals demand for a product, resulting in a stable price.

Consumer Surplus

The difference between what consumers are willing to pay and what they actually pay.