After Developing a Frequency Distribution for a Quantitative Variable, a Histogram

question 8

True/False

After developing a frequency distribution for a quantitative variable, a histogram can be developed with the horizontal axis representing the values of the variable and the vertical axis representing the frequency of occurrence in each class or group.

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Definitions:

Trade Off

The concept of sacrificing one good or service in order to obtain another, often used in decision-making processes to weigh different options.

Good

A tangible product or service that can satisfy consumers' wants or needs.

Optimum

The most favorable condition or level that achieves the best possible outcome or efficiency.

Good X

A placeholder term for any specific good, product, or item within economic analysis.