Which Measure of Central Tendency Is Used When Asking About

question 61

Multiple Choice

Which measure of central tendency is used when asking about national income levels,wherein 50 percent of the population makes more than this amount and 50 percent of the population makes less?

• A)Range
• B)Mean
• C)Mode
• D)Median

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Definitions:

Substitution Effect

The change in quantity demanded of a good due to a change in its price, causing consumers to substitute it with other similar goods.

Labor Supplied

Refers to the total hours that workers are willing and able to work at a given wage rate, in a given time period.

Income Effect

Describes how a change in an individual's income affects their purchasing decisions.

Substitution Effect

The shift in buying habits because of variations in the prices of different products, causing individuals to substitute pricier options with more affordable ones.