It Is NOT Uncommon That Consumers Correlate Prestige, Quality, and High

question 8

True/False

It is NOT uncommon that consumers correlate prestige, quality, and high price.

---

Definitions:

Class Rank

A measure of how a student's performance compares to others in their group or grade level, often expressed as a percentile or as a rank.

Ordinal Random Variable

A random variable that has outcomes which can be ordered or ranked but does not necessarily have a quantitative value.

Nominal Random Variable

A variable that represents data which can be classified into distinct categories with no logical order.

Nominal Data

Data classified into categories that cannot be ordered or ranked; purely qualitative.