Your Rating of the Food Served at a Local Restaurant

question 86

Multiple Choice

Your rating of the food served at a local restaurant using a three-point scale of 0 = gross, 1 = decent, 2 = yummy is ___________ data.

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

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Definitions:

Total Revenues

The total amount of money generated by a business from the sale of goods and services before any costs or expenses are deducted.

Unit Elasticity

Unit elasticity refers to a situation where a change in the price of a good or service results in a proportionally equal change in the quantity demanded or supplied, indicating a unitary elasticity of demand or supply.

Maximum Total Revenue

The highest possible earnings that a firm can achieve from the sale of goods or services, typically found by optimizing price and quantity sold.

Price

The price necessary to acquire a good or service.