If an Odd Number of Scores Are Put in Order

question 250

Multiple Choice

If an odd number of scores are put in order from lowest to highest,the score in the middle position is the:

• A)mode.
• B)mean.
• C)median.
• D)range.

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Definitions:

Long-run Equilibrium

A state in which economic forces such as supply and demand are balanced, and all inputs and outputs in the economy are fully adjusted to these conditions over a long period.

Pure Competition

A theoretical market structure with a large number of sellers and buyers, identical products, and no barriers to market entry or exit, promoting efficient pricing.

Minimum

The lowest allowable or possible amount, level, or number in a given set of circumstances.

Allocative Efficiency

Refers to a state in which resources are distributed in a way that maximizes the net benefit to society, ensuring that goods and services are produced at the right quantities to meet consumer preferences.