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In order to evaluate a graduate program in psychology, a decision is made to compare the scores of the recent graduates on the national licensure exam to scores nationally. The internal consistency reliability of the test = .84. The program therefore follows up with their students and finds 24 students who have taken the exam in its most recent form. The scores of the students in the program are as follows:
Given information:
Mean = 144; Median = 142; Mode = 142; Range = 50
-Approximately what percentage of the group scored higher than this individual?
Competitive Increasing-cost Industry
An industry in which the entry of new firms causes the input prices to increase, leading to upward-sloping supply curves for the firms.
Long-run Equilibrium
A state in economics where all factors of production are fully adjusted to the market condition and all economic agents have no incentive to change their behavior.
Consumer Demand
The desire and willingness of consumers to purchase a certain quantity of goods or services at various price points, at a particular time.
Competitive Increasing-cost Industry
An industry where supply costs increase as output expands, often because resources become scarcer or harder to obtain as production grows.
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