Calendar Time Is Expressed on A(n)_____ Scale While Minutes,hours,and Days

question 34

Multiple Choice

Calendar time is expressed on a(n) _____ scale while minutes,hours,and days are expressed on a(n) _____ scale.

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

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Definitions:

Average Total Cost

The total cost of production divided by the quantity produced, representing the average cost per unit.

Short Run

A period in economics where at least one factor of production is fixed and cannot be changed.

Purely Competitive

A market structure characterized by many sellers offering identical products with no single seller able to influence the market price.

Total Revenue

The total amount of money a firm receives from sales of its products or services before any expenses are subtracted.