A Nominal Variable Is a Discrete Variable

question 38

True/False

A nominal variable is a discrete variable.

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Definitions:

Natural Monopolist

A firm that can supply the entire market at a lower cost than any combination of two or more smaller firms, often due to economies of scale.

Maximum Price

A price ceiling set by authorities to prevent prices from going above a certain level, often to make goods affordable.

Pure Monopolist

A market structure wherein a single company exclusively controls the entire market for a particular good or service, facing no competition.

Socially Optimal Output

The level of production of goods and services that results in the most efficient allocation of resources, typically considered at the point where marginal social cost equals marginal social benefit.