A Histogram Is Most Commonly Used to Analyze Which of the Following

question 115

Multiple Choice

A histogram is most commonly used to analyze which of the following?

• A) Nominal level data
• B) Quantitative data
• C) Time-series data
• D) Ordinal data

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Definitions:

MRP

The additional revenue a firm gains from hiring an additional unit of input, such as labor, in the production of goods.

MRC

Marginal Revenue Cost, NO.

Pure Competition

A market structure in which a very large number of firms sells a standardized product, into which entry is very easy, in which the individual seller has no control over the product price, and in which there is no nonprice competition; a market characterized by a very large number of buyers and sellers.

Market Price

The current price at which a good or service can be bought or sold in the open market.