The Range,a Measure of Variability

question 75

Multiple Choice

The range,a measure of variability,

• A) is the difference between the largest (L) and smallest (S) value in a list of scores.
• B) is most informative when used to describe data sets without outliers.
• C) includes only two values in its computation, regardless of the number of scores in a distribution.
• D) all of these.

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Definitions:

Aggregate Supply

The aggregate amount of products and services created in an economy at a specific price level during a particular time frame.

Adverse Supply Shock

An unexpected event that suddenly decreases the supply of a product or service, resulting in increased prices and reduced quantity.

Prices

The amount of money required to purchase a good, service, or asset, often influenced by supply and demand.

Short-run

A period in which at least one factor of production is fixed, limiting the ability of a business to fully adjust to market changes.