The Difference Between the Smallest and the Largest Values in a Distribution

question 147

Multiple Choice

The difference between the smallest and the largest values in a distribution is the ________.

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

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less expensive ones.

Interest-Rate Increase

A rise in the cost of borrowing money, reflected in a higher percentage charged on loans and credits.

Consumer Optimum

A state where a consumer has allocated their resources in such a way that maximizes their utility, given their budget constraint.

Income Effect

The change in consumption that results from changes in real income, affecting the purchasing power of consumers.