MrMarsh Is Measuring Temperature in His Research

question 22

Multiple Choice

Mr.Marsh is measuring temperature in his research.He will be using what variable level of measure?

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

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Definitions:

Substitution Effect

The change in the consumption pattern of goods or services due to a change in their relative prices, causing consumers to replace more expensive items with cheaper alternatives.

Income Effect

The change in the quantity demanded of a good resulting from a change in consumer income, holding prices constant.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.

Total Revenues

The overall amount of money generated from sales of goods or services before deducting any expenses.