The Level of Measurement in Which Named Categories Can Be

question 57

Multiple Choice

The level of measurement in which named categories can be rank ordered is known as

• A) Nominal
• B) Ordinal
• C) Interval
• D) Ratio

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Definitions:

Allocative Inefficiency

A situation in which resources are not distributed optimally among producers or consumers, leading to a loss in economic efficiency.

Profit-Maximizing Output

The point of production where a company reaches its maximum profit, occurring when marginal cost is equal to marginal revenue.

Marginal Cost

The bump in expenditure for manufacturing an additional unit of a product or service.

Price

The cost in financial terms anticipated, necessitated, or disbursed for something.