What is the difference between ordinal and cardinal measurement?
What will be an ideal response?
Prices are measured in money, which is a cardinal measure. When you have $100 you are twice as well off compared to having $50. With an ordinal measure like an exam grade you can say that an A is better than a B but not how much better it is.
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The most anyone is willing to pay for another purse is $30. Currently the price of a purse is $40, and the cost of producing another purse is $50. The marginal benefit of a purse is
A) $50. B) $40. C) $30. D) an amount not given in the answers above.
The American Federation of Labor
a. was an amalgamation of two labor organizations. b. had over 1 million members by 1905. c. sought to control job opportunities and conditions within each craft. d. allied with the National Civic Federation in attempt to create a more favorable public image. e. All of the above.