A Question in a Market Survey Asks for a Respondent's

question 127

Multiple Choice

A question in a market survey asks for a respondent's favorite car model.Which measure of central location should be used to summarize this question?

• A)arithmetic mean
• B)geometric mean
• C)median
• D)mode

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Definitions:

Licenses

Legal permits granted by an authority, allowing individuals or companies to carry out certain activities or businesses that would otherwise be unlawful.

Economies of Scale

The cost advantage achieved by an enterprise when production becomes efficient, as costs can be spread over a larger amount of goods.

Market Demand

The total quantity of a good or service that all consumers are willing and able to purchase at various prices during a given period.

Nondiscriminating Pure Monopolist

A monopolist who sells their product at the same price to every customer, not charging different prices to different buyers.