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When a data set is unimodal,a median split of the data is inappropriate.
Economic Inefficiencies
Occurrences where resources are not allocated optimally, leading to lost potential output or welfare.
Monopsony
Market with only one buyer.
Public Goods
Public goods are commodities or services that are provided without profit to all members of a society, either by the government or a private individual or organization.
Nonexclusive Good
Good that people cannot be excluded from consuming, so that it is difficult or impossible to charge for its use.
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