A Teacher Returns an Exam with Possible Scores Ranging from 0

question 22

Multiple Choice

A teacher returns an exam with possible scores ranging from 0 to 100. The students suspect that the majority of them performed poorly on the exam and request summary statistics. The teacher provides the mean, which was 72, as a summary statistic. A total of 400 students took the exam. Some of the students find the mean to be high, based on talking to other students. They take a random sample of 15 students, and they find that the mean equals 71.5 while the median equals 62. Based on this result, we conclude that:

• A)there are possibly some large outliers in these data.
• B)exam scores are likely right-skewed.
• C)50% of the students barely managed to pass the exam.
• D)All of the answer options are correct.

---

Definitions:

Monopolistic Competition

A market structure in which many firms sell a differentiated product, entry is relatively easy, each firm has some control over its product price, and there is considerable nonprice competition.

Market Structure

The characteristics of an industry that define the likely behavior and performance of its firms. The primary characteristics are the number of firms in the industry, whether they are selling a differentiated product, the ease of entry, and how much control firms have over output prices. The most commonly discussed market structures are pure competition, monopolistic competition, oligopoly, pure monopoly, and monopsony.

Product Development

The process of bringing a new product or service to the market, which includes ideation, design, development, testing, and launching.

Differentiation

The process by which companies distinguish their products or services from others in the market to create a perceived value and gain a competitive edge.