Consider the Following Distribution: (3, 4, 5, 2, 256)

question 436

Multiple Choice

Consider the following distribution: (3, 4, 5, 2, 256) . What would be the most representative measure of central tendency for you to report?

• A)The mean
• B)The mode
• C)The range
• D)The standard deviation
• E)The median

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Definitions:

Producer Surplus

The disparity between the price that producers are ready to accept for a product or service and the price they actually obtain.

Equilibrium Price

The cost where the amount of a product or service consumers want to buy matches the quantity that producers are willing to sell.

Equilibrium Quantity

The amount of goods or services available matches the amount requested at the market price.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.