A Consumer in an Auto Parts Store Is Asked to Complete

question 51

Multiple Choice

A consumer in an auto parts store is asked to complete a survey with regard to a particular brand of motor oil.The scale used in the survey looks like this: Which type of scaling method is being used by this researcher?

• A) Likert scaling
• B) Guttman scaling
• C) Osgood Semantic Differential
• D) multidimensional scaling

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Definitions:

Price

The cash amount projected, called for, or allocated in settlement for a product.

Quantity

The amount or number of a material or immaterial good that is considered separately.

Consumer Surplus

The gap between the total sum consumers can and will pay for a good or service versus what they actually spend.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, measured above the supply curve.