A Store Owner Wants to Make Sure She Has Enough

question 113

Multiple Choice

A store owner wants to make sure she has enough shirts in the right sizes in her inventory,so she buys a lot of shirts in the most popular size.In order to make this purchase,what type of statistic would she want to know?

• A) mode
• B) mean
• C) standard deviation
• D) range

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Definitions:

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable by holding other relevant factors constant.

Income Increases

Situations or events that lead to a rise in the amount of money received by individuals or entities, potentially affecting consumption and saving behaviors.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable on another while holding other relevant factors constant.

Economic Variables

Quantitative measures that represent a characteristic of the economy or a part of the economy, influencing or describing economic activity.