Which of the Following Is True of the Median

question 30

Multiple Choice

Which of the following is True of the median?

• A) It cannot be determined for data that are skewed to either the right or left.
• B) It is the distance between the smallest and largest values in a set of responses.
• C) It is the value that appears in a distribution most often.
• D) If the number of data observations is even, the median is generally considered to be the average of the first and last values.
• E) It is especially useful as a measure of central tendency for ordinal data.

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Definitions:

Marginal Revenue

The extra profit gained from selling one more unit of a product or service.

Total Revenue

The grand total of funds acquired by a company through the sale of its goods or the delivery of its services within a predetermined interval.

Households

Entities consisting of one or more people living together who make joint decisions about consumption and finances.

Marginal Revenue

The additional income earned from selling one more unit of a good or service, crucial for decision-making in production levels.