A Histogram Is Used to Display Which of the Following

question 73

Multiple Choice

A histogram is used to display which of the following characteristics for a quantitative variable?

• A) The approximate center of the data
• B) The spread in the data
• C) The shape of the distribution
• D) All of the above.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive.

International Trade

The exchange of goods, services, and capital across international borders, driven by comparative advantages and benefiting parties through increased choice and efficiency.

Autarky Price

The price of a good in a country under the condition of autarky, where the country does not engage in international trade.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to undertake one action over another.