Here Is a Set of Scores: 5,3,7,3,6,2,5,3

question 1

Multiple Choice

Here is a set of scores: 5,3,7,3,6,2,5,3.The median of this set of scores is:

• A)2
• B)3
• C)4
• D)4.5

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Definitions:

Equilibrium

A state where supply equals demand in a market, resulting in no inherent force for price change.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.

Shortage

A scenario in which the need for a product surpasses the amount available at a particular price.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price level in a given period.