Which of the Following About Ordinal Data Is TRUE

question 38

Multiple Choice

Which of the following about ordinal data is TRUE?

• A) An ordinal scale implies order but not identity.
• B) The attribute being measured must possess the ordinal property to allow ordinal scaling that is meaningful.
• C) With an ordinal scale, we can say the difference between the first and second is the same as the difference between the second and the third.
• D) The calculation of means is appropriate with ordinal data.
• E) Time is a good example of an ordinal scale.

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Definitions:

LRAC Curve

Long-Run Average Cost Curve, a graphical representation showing the minimum cost at which any output level can be produced in the long run.

Exiting Firms

Businesses that are leaving a particular market due to various reasons such as unprofitability, strategic realignment, or market saturation.

Increasing-Cost Industry

An industry in which production costs increase as the industry's output expands.

Constant-Cost Industry

An industry where the cost of production does not change as the industry's output changes.