The Centroid Method Is a Variance Method of Hierarchical Clustering

question 9

True/False

The centroid method is a variance method of hierarchical clustering in which the distance between two clusters is the distance between their centroids (means for all the variables).

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Definitions:

Market Prices

The current prices at which goods and services can be bought or sold in a marketplace.

Rationing Function

The process by which the market system allocates goods and services to consumers when supply is limited.

Competitive Market

A market structure characterized by a large number of sellers and buyers, where no single entity can control prices or influence the market significantly.

Ceiling Price

A ceiling price is a government-imposed limit on how high a price of a good or service can be charged in the market, typically set below the equilibrium price to make goods more affordable.