Deviance Is Also Known as the Error in a Statistical

question 24

Multiple Choice

Deviance is also known as the error in a statistical model. Suppose the mean height (standard deviation) jumped by a group high jumpers was 1.89(0.05) m. One of the individuals jumped 1.95 m. Calculate the deviance score.

• A) +0.06
• B) -0.06
• C) +0.6
• D) -0.6.

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Definitions:

Industry Demand Curve

A graph showing the relationship between the price of a good and the total quantity demanded across the entire market.

Perfectly Competitive

A market scenario characterized by a large number of small firms competing against each other, where each firm makes negligible impact on market prices.

Positive Economic Profits

Earnings that exceed the opportunity costs of inputs, indicating that a firm is generating returns higher than the next best alternative use of its resources.

Market Price

The current price at which goods or services can be bought and sold in a marketplace, determined by supply and demand.