The Median Can Be a More Appropriate Measure of Central

question 20

True/False

The median can be a more appropriate measure of central tendency if the distribution of
the data is extremely skewed.

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Definitions:

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in price or other economic variables.

Elasticity of Demand

Quantifies the change in demand for a commodity in response to its price movements.

Demand Curve

A graph showing the relationship between the price of a good and the amount of the good that consumers are willing to buy at different prices.

Market Demand

The total amount of a product or service that all consumers in a market are willing and able to buy at various prices.