The Arithmetic Mean Is ___________ Larger Than a Weighted Mean

question 40

Multiple Choice

The arithmetic mean is ___________ larger than a weighted mean in a set of data that uses unequal weights.

• A)Always
• B)Sometimes
• C)Never

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Definitions:

Surplus I

A situation where the quantity supplied of a product exceeds the quantity demanded at the current price.

Consumer Surplus

The gap reflecting the difference between what consumers plan to pay for a good or service and what they pay in practice.

Surplus III

Excess of production or supply over demand in a market, leading to potential price reductions to clear the surplus stock.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from trading a good or service.