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On a survey,age was divided into three categories:
1) Younger than 18
2) 18 to 21
3) Older than 21
The researcher computed the mean age of her respondents by adding up the scores (the 1s,2s,and 3s) and then dividing by the number of cases.This was a mistake because the data are
Efficiency Losses
The reduction in economic efficiency due to imbalances or distortions in the market, often manifesting as excess or insufficient production and consumption.
Output Level
The quantity of goods or services produced by a firm or economy in a given period.
External Benefits
Positive effects of a product or service that are enjoyed by people other than those who directly use or consume the product or service.
Private Benefits
The direct advantages or gains accruing to an individual or organization from their economic actions, excluding wider societal impacts.
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