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Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area. This is an illustration of ________.
Empirical Rule
A statistical rule stating that for a normal distribution, nearly all data will fall within three standard deviations of the mean.
Five-number Summary
A descriptive statistic that provides a quick overview of a data set's distribution, consisting of the minimum, first quartile, median, third quartile, and maximum.
Starting Salaries
The initial compensation that an employee receives when starting a new job.
Frequency Distribution
A representation, either in a graphical or table format, that displays the number of observations within a given interval.
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