Scale Categories Can Be ________

question 7

Multiple Choice

Scale categories can be ________.

• A) assigned numerical values
• B) presented horizontally
• C) expressed by boxes
• D) expressed by discrete lines
• E) all of the above

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

Income Elasticity

A measure of how much the demand for a product or service changes relative to a change in consumers' income.

Total Revenue

The total income a firm receives from the sale of its goods or services before any costs or expenses are subtracted.

Least Elastic

Refers to the degree of responsiveness or sensitivity of demand or supply to changes in prices, with the least elastic being the least responsive.