A Question in a Market Survey Asks for a Respondent's

question 176

Multiple Choice

A question in a market survey asks for a respondent's favourite car colour. Which measure of central tendency should be used to summarize this question?

• A) Mode
• B) Median
• C) Mean
• D) Geometric mean
• E) Weighted mean

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Definitions:

Economic Profit

The difference between the total revenue generated by a business and the total costs, including both explicit and opportunity costs.

Profit-Maximizing

The process or strategy by which a company determines the price level and production volume that generates the most profit.

Local Monopoly

A condition where a single firm has control over a market or product within a specific geographical area.

Price Discriminate

A strategy where a seller charges different prices for the same product or service to different customers, based on factors like willingness to pay, location, or purchase volume.