Which of the Following Is Likely to Have a Mean

question 90

Multiple Choice

Which of the following is likely to have a mean that is smaller than the median?

• A)The salaries of all National Football League players
• B)The scores of students (out of 100 points)on a very easy exam in which most score perfectly but a few do very poorly
• C)The number of text messages sent by students and faculty at a large university
• D)The scores of students (out of 100 points)on a very difficult exam on which most score poorly but a few do very well

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Definitions:

Perfect Knowledge

A hypothetical situation in economics where all consumers and producers have complete and instantaneous knowledge of all market prices, conditions, and trends.

Perfect Mobility

A theoretical condition where factors of production, such as labor and capital, can be freely moved from one use to another without costs or barriers.

Marginal Revenue

The revenue increment achieved by selling an extra unit of a product or service.

Marginal Cost

The expense associated with manufacturing an additional unit of a product or service.