Professor Harris Is Constructing a Demographic Questionnaire for Use in a Research

question 19

Multiple Choice

Professor Harris is constructing a demographic questionnaire for use in a research project.One question asks students to report their age in years.This is an example of a/an:

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

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Definitions:

Profit-maximizing

The process or strategy implemented by firms to determine the price and output level that returns the highest profit.

Weak Axiom

Often associated with the Weak Axiom of Revealed Preference (WARP), which is a condition used in consumer choice theory to describe consistent consumer behavior.

Profit Maximization

The strategy of adjusting production and sales to achieve the maximum possible profits.

Input Increases

A situation where the amount, quality, or number of resources used in production grows, potentially leading to an increase in output.