This Scale Consists of 5 Points and There Are Labels

question 40

Multiple Choice

This scale consists of 5 points and there are labels only on each end of the 5-point continuum. This is an example of a(n) :

• A) End-labeled 5-point scale
• B) 5-point unanchored scale
• C) summated scale
• D) graphic rating scale
• E) anchored 5-point scale

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Definitions:

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Market Inequalities

Disparities that exist within the economic market system, often reflecting differences in wealth, income, and access to resources.

Opportunity Cost

The forgone benefit that would have been derived by an option not chosen.

Next-best Activity

The alternative that must be forgone to engage in a particular activity, representing the opportunity cost of that decision.