In a Statistics Class, the Following 10 Scores Were Randomly

question 2

Multiple Choice

In a statistics class, the following 10 scores were randomly selected: 74, 73, 77, 77, 71, 68, 65, 77, 67, 66. What is the mode?

• A) 71.5
• B) 72.0
• C) 77.0
• D) 71.0
• E) 73.0

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Definitions:

Market Shares

The share of sales within an industry attributed to a certain company.

Herfindahl Index

An indicator used to measure the size of firms in relation to the industry and an index of market concentration.

Barriers to Entry

Factors that prevent or hinder new firms from entering an industry, including high startup costs and regulatory restrictions.

Product Differentiation

The process by which companies distinguish their products from those of competitors in the eyes of consumers, through unique features, design, quality, or branding.