A Measurement Scale That Rates Product Quality as Either 1

question 234

Multiple Choice

A measurement scale that rates product quality as either 1 = poor,2 = average and 3 = good is known as:

• A)nominal.
• B)ordinal.
• C)interval.
• D)ratio.

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Definitions:

Adverse Selection

A situation where asymmetric information leads to the selection of undesirable risks by one party in a contract.

Lemons Problem

A market problem where the quality of goods cannot be accurately determined by the buyer due to asymmetric information, leading to an overall decline in product quality.

Adverse Selection

A scenario where one participant in a transaction possesses superior or more information than the other, frequently resulting in a disadvantageous result for the party with less information.

Screen

In technology, it refers to the display area of electronic devices where images, text, and videos are shown.