When Examining the Income Levels Within a Major Urban Area,Ernest

question 31

Multiple Choice

When examining the income levels within a major urban area,Ernest wanted to summarize his findings of a skewed distribution.Which measure of central tendency should he use?

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

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Definitions:

Quantity Supplied

The quantity of a product or service that sellers are ready and capable of offering for sale at a certain price during a designated period.

Demand

The amount of a product or service that buyers are prepared and capable of buying at different price levels within a given time frame.

Inelastic Demand

Refers to a situation where the quantity demanded of a good or service changes little with a change in price.

Elastic Demand

A situation in which the demand for a good or service is highly responsive to changes in its price.