A Graphical Display of a Data Set Is Given

question 46

Multiple Choice

A graphical display of a data set is given. State whether the distribution is (roughly) symmetric, right skewed, or leftskewed.
-A relative frequency histogram for the sale prices of homes sold in one city during 2006 is shown below.

• A)Left skewed
• B)Symmetric
• C)Right skewed

---

Definitions:

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to an efficient allocation of resources.

Four-Firm Concentration Ratios

A measure that assesses the total market share of the four largest firms within an industry, indicating the extent of market concentration.

Mutual Interdependence

A condition in which the actions or decisions of each firm in a market affect and are affected by those of other firms, particularly relevant in oligopolistic markets.

Localized Market

A market confined to a specific geographic area, where the products or services offered are tailored to the preferences of the local population.