An Appropriate Measure of Central Tendency for Ordinal Data Is

question 15

True/False

An appropriate measure of central tendency for ordinal data is the mode.

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Definitions:

Variable Cost

Expenses that vary directly with the production output, including costs of raw materials and direct labor.

Selling Price

The amount of money for which a product or service is sold to customers.

Contribution Margin Ratio

A financial metric that measures how effectively a company can cover its variable costs with revenue, calculated as contribution margin divided by sales revenue.

Variable Cost Per Unit

The cost that changes in proportion to changes in the level of output or activity.