Which of the Following Statistics Is Not a Measure of Central

question 11

Multiple Choice

Which of the following statistics is not a measure of central tendency?

• A) Arithmetic mean.
• B) Median.
• C) Mode.
• D) Q3.

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Definitions:

Marginal Revenue

The additional income earned from selling one more unit of a product or service.

Demand Inelastic

A situation where the demand for a product does not change significantly with a change in price.

Price Elasticity

A measure of how much the quantity demanded of a good or service changes in response to a change in its price.

Monopolist

A market participant who is the sole supplier of a particular good or service, possessing significant market power and able to influence price and market conditions.