What Is the Lowest Level of Measurement for Which You

question 5

Multiple Choice

What is the lowest level of measurement for which you can legitimately use a bar chart?

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

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Definitions:

Variable Costs

Costs that change in proportion to the level of goods or services produced or sold.

Minimize Losses

Strategies or actions taken by individuals or firms to reduce the magnitude of financial or operational shortfalls.

Mortgage Payment

A regular payment made to a lender by a borrower, typically to pay back a home loan.

Monthly Rent

The periodic payment made by a tenant to a landlord for the use of a property or space.