_____ Scales Utilize the Property of Identity and Refer to Categories;

question 18

Multiple Choice

_____ scales utilize the property of identity and refer to categories; examples such as telephone numbers or diagnostic categories point to differences in kind but not degree.

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

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Definitions:

Market Price

The current price at which a good or service can be bought or sold in a market, determined by the forces of supply and demand.

Sacks

Bags made of various materials, typically used for storing or transporting items.

Profit Maximized

The point at which a firm's profit is at its highest because marginal cost equals marginal revenue.

Total Cost

The complete cost of production, including both fixed costs that do not change regardless of the output level and variable costs that increase or decrease with the level of production.