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GarryVolchara [31]
3 years ago
12

"A respondent of a survey is asked whether their most recent dining experience was excellent, good, fair, or poor. The person in

dicates that the experience was "good". This is an example of ________ data."
Business
1 answer:
34kurt3 years ago
4 0

Answer:

The correct word for the blank space is: Ordinal.

Explanation:

Ordinal data is one of the four (4) types of measurement scales that values in order of importance the rating that can be provided over a subject. However, the difference between each of the rates is not clear. Usually, this approach aims to measure <em>comfort, experience </em>or <em>satisfaction</em>.

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Answer:

C) the market price falls below $170 per unit.

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If this firm is a price taker, it means that it is operating in a perfect competition market. In such markets, since the entry and exit barriers are very low or nonexistent, if the equilibrium price falls below the variable cost, the firms should halt production in the short run until the equilibrium price rises again. The firm should resume production only after the equilibrium price exceeds the variable costs.

This situation is only applicable on the short run. On the long run the firm should only produce if the equilibrium price is greater or equal to its marginal cost.

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