When a Scale Has "Levels" as Opposed to "Labels" We

question 63

Multiple Choice

When a scale has "levels" as opposed to "labels" we can normally assume the level of measurement is:

• A)metric
• B)in small increments
• C)categorical
• D)to scale
• E)average

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Definitions:

Weekly Operating Profits

Weekly operating profits describe the earnings a business generates from its normal operations over a one-week period, excluding any income from investments or other non-operational sources.

Short Run

An interval in economic studies where a minimum of one production element remains constant and is unalterable.

Variable Costs

Expenses that change in proportion to the activity of a business.

Short Run

A time period in economics during which at least one input, such as plant size, is fixed and cannot be altered.