When Data Have Been Grouped (As in a Frequency Table

question 137

True/False

When data have been grouped (as in a frequency table, a relative frequency histogram, etc.), the class with the highest frequency is called the modal class, and the midpoint of that class is taken to be the mode.

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a specific price, over a specified period of time.

Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable.

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of offering for sale at a certain price during a defined timeframe.

Equilibrium Price

The equilibrium price is the price at which the quantity of goods suppliers are willing to supply matches the quantity of goods consumers are willing to buy, leading to market equilibrium.