Find the Mode of the Following Data Set: 8,7,2,4,4,8,2,4,6,5,7,3,9,4,5,4,7

question 14

Multiple Choice

Find the mode of the following data set: 8,7,2,4,4,8,2,4,6,5,7,3,9,4,5,4,7

• A)5
• B)4
• C)5.24
• D)7

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.

Equilibrium Wage Rate

The wage rate at which the supply of labor is equal to the demand for labor in the labor market.

Economic Rents

Payments to a factor of production in excess of what is needed to keep that factor in its current use, often due to limited supply or unique attributes.

Wage Rate

The standardized amount of compensation an employee receives from an employer in exchange for their labor, typically expressed per hour or year.