What Are the Differences Between Discrete and Continuous Variables

question 18

Essay

What are the differences between discrete and continuous variables?

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Definitions:

Surplus of Labor

A situation in which the supply of labor exceeds the demand for labor, often resulting in unemployment or underemployment.

Minimum-Wage Law

Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers, intended to protect workers from exploitation.

Equilibrium Level

A condition where the amount of goods and services available in the market equals the demand for them, leading to stable pricing and quantity levels.

Efficiency Wage

A higher-than-market wage paid by employers to increase worker productivity and loyalty.