A Ratio Variable Has the Following Characteristic

question 43

Multiple Choice

A ratio variable has the following characteristic:

• A)Meaningful order
• B)Inherently defined zero value
• C)Categorical in nature
• D)Predictable

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Definitions:

Maximum Profit

The highest possible financial gain that a firm can achieve from its operations.

Deadweight Loss

The decrease in economic performance that happens when a good or service fails to meet or cannot attain its optimal distribution point.

Marginal Cost

The cost of producing one additional unit of a good or service, considering all variable resources used in production.

Monopolistic Competition

A type of imperfect competition such that many producers sell products that are differentiated from one another (e.g., by branding or quality) and hence are not perfect substitutes.