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Rice and potatoes are substitutes in consumption. If the price of rice rises and there is a bumper crop of potatoes, in the market for potatoes one would expect the equilibrium price to _____ and the equilibrium quantity to _____.
Median
The middle value of a data set, where half the numbers are below and half are above this value.
Mean
The average of a set of numbers, calculated by summing all the numbers and then dividing by the count of those numbers.
Frequency Distribution
A summary of data showing how often each value occurs.
Mean
The average value obtained by dividing the sum of all values in a data set by the number of values.
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