A Professor Grades 120 Research Papers and Reports That the Average

question 24

Multiple Choice

A professor grades 120 research papers and reports that the average score was an 80%.What do we know about the sum of the differences of these 120 scores from their mean of 80%?

• A)The sum of the differences is minimal.
• B)The sum of the differences is 80%,the same as the mean.
• C)The sum of the differences is equal to zero.
• D)It is impossible to know without knowing each of the 120 scores.

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Definitions:

Elastic

Describes a condition in economics where the demand or supply for a product is sensitive to changes in price, leading to significant changes in quantity demanded or supplied.

Herfindahl Index

A measure of market concentration, determining the competitiveness of an industry based on the sum of the squares of the market shares of all firms within it.

Product Differentiation

The strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Herfindahl Index

A measure of market concentration that squares the market share of each firm competing in the market and sums the resulting numbers, used to assess the competitiveness of a market.