When the Data Have the Properties of Ordinal Data and the Interval

question 42

Multiple Choice

When the data have the properties of ordinal data and the interval between observations is expressed in terms of a fixed unit of measure, the variable has which scale of measurement?

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

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Definitions:

Surplus

A surplus refers to the amount by which the quantity supplied of a product or service exceeds the quantity demanded, often resulting in a decrease in prices.

Shortage

A market condition where the demand for a good exceeds its supply at a specific price, often leading to price increases.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.

Shortage

A situation where the demand for a product exceeds its supply in the market.