The Mode Is Defined As…

question 9

Multiple Choice

The mode is defined as…

• A)The middle point in a data set.
• B)The geometric average of a data set.
• C)The arithmetic average of a data set.
• D)The most frequent value in a data set.

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Definitions:

Foreign Competition

Economic rivalry that businesses face from producers located in other countries.

Net Loss

The amount by which total expenses exceed total revenues for a business or individual, indicating a negative financial performance.

Deadweight Loss

Deadweight Loss is the loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.

Infant Industry

The infant industry argument supports protecting emerging domestic industries from international competition until they become competitive internationally.