What Does the Mode of a Data Set Represent

question 7

Multiple Choice

What does the mode of a data set represent?

• A) The average of the value of all the data
• B) The inverse of the mean calculated from all the values
• C) The median value of the data set
• D) The value that occurs most frequently

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Definitions:

Marginal Utility

The supplementary satisfaction or benefit obtained from using an additional unit of a product or service.

Utility Maximization

An economic principle that suggests consumers aim to get the greatest satisfaction possible from their available resources.

Consumer's First

A philosophy or policy placing consumer interests and satisfaction at the forefront of business decision-making.

Marginal Utility-To-Price Ratio

The comparison of the additional satisfaction received from consuming one more unit of a good to the price of that unit, used to maximize utility.