If we add the numerical values of all our cases together and divide by the number of cases we get the_______________?
Correct answer: D. mean
- A. median
- B. mode
- C. moot
- D. mean
Explanation
Adding all observations and dividing by their number gives the arithmetic mean, commonly called the average. The median is the middle value and the mode is the most frequent value.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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