Solve the Problem. -Here Are 3 Boxplots of Weekly Gas Prices at a Prices

question 3

Multiple Choice

Solve the problem.
-Here are 3 boxplots of weekly gas prices at a service station in the United States (price in $ per gallon) . Compare the distribution of prices over the three years.

• A)Gas prices have been increasing on average over the 3-year period, but the variation in the middle 50% has decreased while variation for the entire distribution has increased. The Distribution has been left-skewed, and there were 3 potential outliers in 2005.
• B)Gas prices have been decreasing on average over the 3-year period, and the variation has been decreasing overall. The distribution has been left-skewed, and there were 3 potential Outliers in 2005.
• C)Gas prices have been decreasing on average over the 3-year period, but the variation in the middle 50% has been increasing while variation for the entire distribution has decreased. The Distribution has been right-skewed, and there were 3 potential outliers in 2005.
• D)Gas prices have been increasing on average over the 3-year period, and the variation overall has been increasing as well. The distribution has been right-skewed, and there were 3 Potential outliers in 2005.

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Definitions:

Factor Market

A marketplace where factors of production (such as labor, capital, and land) are bought and sold.

Factor of Production

An input used in the production of goods or services, including labor, capital, land, and entrepreneurship.

Absolute Advantage

The capacity of a person, business, or nation to manufacture a product or provide a service more effectively than its rivals utilizing the same quantity of resources.

Gains From Trade

Gains from trade are the benefits obtained by countries or individuals from engaging in international trade, allowing them to consume or produce beyond their domestic capabilities.