"My Son Just Finished 3^rd in the Local Marathon

question 34

Multiple Choice

"My son just finished 3^rd in the local marathon." The scale of measurement involved in this statement is

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

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Definitions:

Unrecoverable Costs

Expenses that have been paid and cannot be recovered, often referred to as sunk costs, which should not factor into future spending decisions.

Fixed Costs

Costs that do not change with the level of output or sales, such as rent, salaries, or loan repayments.

Variable Costs

Expenses that vary directly with the amount of production output of a company.

Purely Competitive Industry

Characterized by many firms selling identical products, where no single firm can influence the market price, ensuring competition based on price.