How Will a High Outlier in a Data Set Affect

question 97

Multiple Choice

How will a high outlier in a data set affect the mean and median?

• A) Distribution skewed to the right, mean not effected, median skewed to the right
• B) Distribution skewed to the left, mean pulled to the left, median not effected
• C) Distribution skewed to the right, mean pulled to the right, median not effected
• D) Distribution skewed to the right, mean not effected, median not effected

---

Definitions:

Perfectly Competitive

A market structure where there are many sellers and buyers, products are homogeneous, and there is free entry and exit, leading to efficient outcomes and zero economic profits in the long run.

Corn Farmer

An individual or entity engaged in the cultivation of corn as a crop for various uses, such as food, feed, and biofuel.

Marginal Cost

The cost of producing one additional unit of a product, a key concept in economic theory that helps firms optimize production and pricing strategies.

Average Product

The output produced per unit of a factor of production, calculated by dividing total product by the quantity of the input used in production.