Answer the Question on the Basis of the Following Demand

question 24

Multiple Choice

Answer the question on the basis of the following demand schedule: $\begin{array}{l}\begin{array}{ccc}&\text { Quantity }\\\underline{\text { Price} } & \underline{\text { Demanded}} \\ \$6 & 1 \\5 & 2 \\4 & 3 \\3 & 4 \\2 & 5 \\1 & 6\end{array}\end{array}$ Refer to the data.If this demand schedule were graphed,we would find that:

• A) its slope diminishes as we move southeast down the curve.
• B) its slope diminishes as we move northwest up the curve.
• C) its slope is constant throughout.
• D) the data are inconsistent with the law of demand.

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Definitions:

Median

The middle value in a data set, which separates the higher half from the lower half of the data.

Extreme Values

The smallest or largest values in a data set or distribution, often considered as outliers or as significant for their rarity.

Variation

Variation refers to the extent to which data points in a data set differ from each other and from the mean of the dataset.

Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values from the mean value.