Temperature (In Degrees Fahrenheit)is an Example of A(n)__________ Variable

question 5

Multiple Choice

Temperature (in degrees Fahrenheit) is an example of a(n) __________ variable.

• A)Nominative
• B)Ordinal
• C)Interval
• D)Ratio

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Definitions:

Cross Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good.

Perfectly Inelastic

A situation in demand or supply in which the quantity demanded or supplied does not change regardless of changes in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

Income Elasticity

A measure of how much the demand for a product or service changes relative to a change in consumers' income.