Grades on a Test Range from 0 to 100

question 105

Multiple Choice

Grades on a test range from 0 to 100.This level of data is _______.

• A)interval level data
• B)ordinal level data
• C)nominal level data
• D)ratio level data
• E)relative level data

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Definitions:

Pure Monopoly

A market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competition may or may not be found.

Entry Barriers

Obstacles that make it difficult for new competitors to enter an industry, including high startup costs, access to technology, and strict regulations.

Monopolistic Competition

A market structure in which many companies sell products that are similar but not identical, allowing them to have a degree of market power.

Nonprice Competition

A marketing strategy where businesses focus on product differentiation, quality, or service rather than altering prices to compete with other firms.