Categorical Variables May Also Be Referred to as Nominal, Ordinal

question 11

True/False

Categorical variables may also be referred to as nominal, ordinal, discrete, or qualitative.

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Definitions:

Demand Schedule

A table or graph showing the quantity of a good or service that consumers are willing and able to purchase at various prices.

Industry Entry

Refers to the process by which new competitors join an existing market or industry.

Constant Cost

Refers to a situation where the cost of producing an additional unit of a good or service does not change regardless of the level of production.

Product Variety

The range of different products or services that a company offers to meet varying customer needs and preferences.