The Most Common Measures of Variability Are the ________ and ________

question 92

Multiple Choice

The most common measures of variability are the ________ and ________.

• A) median; range
• B) variance; mean
• C) mean; median
• D) range; variance
• E) difference; trend line

---

Definitions:

Substitutes

Products or services that can be used in place of each other, where the increase in price of one leads to an increase in demand for the other.

Complements

Items or services used together, where the use of one increases the demand for the other.

Consumer Surplus

The variance between the aggregate amount consumers intend and can afford to pay for a good or service and the total they actually do pay.

Supply Curve

A supply curve is a graph that shows the quantity of goods that producers are willing to sell at different prices, typically depicting a positive relationship between price and quantity supplied.