If You Wanted to Determine If the Scale You Are

question 46

Multiple Choice

If you wanted to determine if the scale you are using relates to other measures of the variable then you would be interest in:

• A) discriminant validity.
• B) convergent validity.
• C) concurrent validity.
• D) construct validity.

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Definitions:

Marginal Cost

The increase in cost that arises from producing one additional unit of a good or service; it varies depending on the level of production.

Average Variable Cost

The total variable costs divided by the quantity of output produced, representing the average cost of producing each unit excluding fixed costs.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies as the quantity of output produced changes.

Demand Curve

It graphically represents the relationship between the price of a good and the quantity demanded by consumers, typically depicting an inverse relationship.