What Is the Major Disadvantage of the Range

question 38

Multiple Choice

What is the major disadvantage of the range?

• A) Based on ordinal data onlyu
• B) Based on percentages
• C) Based on extreme values and ignores all other values
• D) Based on small values and ignores all other values

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Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing to purchase at a given price level during a certain time period.

Market Price

The current price at which a good or service can be bought or sold in a marketplace.

Pesticides Cost

The economic expenses associated with the purchase and application of chemical substances used to kill or control pests that threaten agricultural production or health.

Market Supply Curve

A graphical representation showing the relationship between the price of a good and the total quantity supplied by all producers.