It Is Often a Good Idea to Convert Frequency Distributions

question 130

True/False

It is often a good idea to convert frequency distributions to relative frequency distributions when you wish to compare two distributions with different amounts of data.

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Definitions:

Marginal Cost

The extra cost incurred by producing one more unit of a product or service.

Marginal Benefit

The extra value or contentment obtained when one more unit of a good or service is consumed or produced.

Positive Externality

A benefit that is enjoyed by a third-party as a result of an economic transaction.

Spillover Benefit

An advantage that results from an activity or product but benefits those who are not directly involved in its production or consumption.