A Map Showing Streams in Ohio,displaying the Number of Available

question 3

Multiple Choice

A map showing streams in Ohio,displaying the number of available fishing days for each stream,is showing line data of which type?

• A)Nominal
• B)Ordinal
• C)Interval
• D)Ratio

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Definitions:

Opportunity Cost

Missing the chance to profit from several alternative options by deciding on one.

Hourly Wage Rate

The amount of money paid for each hour of work, commonly used to compensate employees in many occupations.

Marginal Utility

The augmented enjoyment or usefulness that comes from the consumption of an additional unit of a product or service.

Optimal Labor Supply

The amount of labor hours that maximizes an individual's or firm's net benefits or utility.