Which Measure of Central Tendency Is Considered the Most Precise

question 22

Multiple Choice

Which measure of central tendency is considered the most precise?

• A)mean
• B)median
• C)mode
• D)average

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Definitions:

Government Policy

Strategies and measures adopted by a government to guide its actions in the pursuit of specific goals and objectives.

Consumer Surplus

The difference between what consumers are willing to pay for a good and what they actually pay, representing the benefit consumers receive from purchasing the good at a lower price.

Price Floor

A government- or group-imposed price control that sets the lowest price at which a product can be sold.

Price Support

Government interventions to maintain the price of a commodity or product at a certain level, often through purchasing excess supply or providing subsidies to producers.