A Ranking Scale in Which Numbers Are Assigned to Objects

question 52

True/False

A ranking scale in which numbers are assigned to objects to indicate the relative extent to which some characteristic is possessed is called an ordinal scale.

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and outputs are variable, leading to a situation where no economic agent has the incentive to alter their behavior.

Economic Profit

The difference between total revenues and the total costs of a firm, including both explicit and implicit costs.

Gas Station

A retail business establishment that sells fuel and engine lubricants for motor vehicles.

Prices Charged

The amount of money demanded by a business in exchange for its goods or services.