A Ranking Scale in Which Numbers Are Assigned to Objects

question 21

Multiple Choice

A ranking scale in which numbers are assigned to objects to indicate the relative extent to which some characteristic is possessed is called a(n) ________.

• A) nominal scale
• B) ordinal scale
• C) interval scale
• D) ratio scale
• E) random scale

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive.

Consumer Surplus

The gap between the amount consumers are prepared to spend on a product or service and the actual price they pay for it.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.