To Sell One More Unit of Output, the Seller Must

question 40

Multiple Choice

To sell one more unit of output, the seller must make one more and sell it for

• A) the same price as the last unit sold
• B) less than the price at which the last unit sold
• C) more than the price at which the last unit sold
• D) the cost of the resources used to produce it
• E) the marginal revenue

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Definitions:

Interval Variable

A type of quantitative variable that exhibits ordered relationships with meaningful, equal distances between measurements but no true zero point.

Nominal Variable

A nominal variable is a type of categorical variable for which there is no natural ordering among the categories.

Nominal Data

Data categorized into discrete groups or categories without any natural order or ranking among them, such as gender or race.

Nominal Random Variable

A type of random variable that categorizes data without a natural order or ranking among the categories.