Discrete Data Include Which of the Following

question 26

Multiple Choice

Discrete data include which of the following?

• A) Nominal data
• B) Interval data
• C) Nominal and interval data
• D) Nominal and ordinal data

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a particular input, such as labor or capital.

Wage Rate

The rate at which labor is compensated by employers, typically expressed per hour or year.

Short-run Production Function

A mathematical representation of the relationship between a firm's output and the amounts of inputs used, assuming some inputs are fixed.

Variable Factor

An input in the production process that can be adjusted in the short term to change the output level, such as labor or raw materials.