Someone with an IQ Score of 130 Is in the 98th

question 2

Multiple Choice

Someone with an IQ score of 130 is in the 98th percentile. This means he or she

• A) answered 130 questions correctly.
• B) answered 98 questions correctly.
• C) answered 98% of the questions correctly.
• D) did better than 98% of the people his or her age who took the test.

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Definitions:

Public Good

Services or products are given freely to all members of society, supplied by either public institutions or private sectors, with no intention to profit.

Willingness To Pay

The maximum amount an individual is prepared to spend on a good or service, indicating the value they derive from the item.

Marginal Cost

The money required to produce another unit of a product or service.

Public Good

A benefit of goods or services, free of charge to everyone in society, provided by public authorities or private organizations or individuals, without seeking financial gain.