Find the Midrange for the Given Sample Data

question 48

Multiple Choice

Find the midrange for the given sample data.
-18, 17, 1, 18, and 4

• A)98.3
• B)56.2
• C)70.3
• D)70.2

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Definitions:

Oligopolistic Industries

Sectors characterized by a small number of large firms that have significant control over market prices and competition.

Differentiated Products

Goods or services that are distinguished from similar products by characteristics like quality, design, and features.

Standardized Products

Goods that are made to specific standards to ensure consistency and uniformity, facilitating mass production and interchangeability across different brands or producers.

Homogeneous Oligopolists

A market structure where a few firms offer products or services that are similar in nature and hence are close substitutes for each other.