A Major Retail Store Has Studied Customer Behavior and Found

question 121

Multiple Choice

A major retail store has studied customer behavior and found that the distribution of time customers spend in a store per visit is symmetric with a mean equal to 17.3 minutes. Based on this information, which of the following is true?

• A) The distribution is right-skewed.
• B) The median is to the right of the mean.
• C) The median is approximately 17.3 minutes.
• D) The median is to the left of the mean.

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Definitions:

Ultimatum Game

A behavioral economics game in which a mutually anonymous pair of players interact to determine how an amount of money is to be split. The first player suggests a division. The second player either accepts that proposal (in which case the split is made accordingly) or rejects it (in which case neither player gets anything).

Neoclassical Economics

A method in economics that concentrates on how supply and demand determine the distribution of goods, outputs, and incomes within various markets.

Behavioral Economics

A field of economic research that analyzes how psychological, social, cognitive, and emotional factors affect economic decisions of individuals and institutions.

Ultimatum Games

A type of game in experimental economics where two players interact to decide how to divide a sum of money; one proposes the split, and the other accepts or rejects it.