Question

The mean and median selling price of existing single-family homes sold in October 2005 were (in no particular order) $216,200 and $265,000. Which of the following most accurately explains which is the mean and which is the median and why?

Answer 1

For the answer to the question above,
The median in the problem is $216,200 and the mean is $265,000 because economic variables tend to be skewed to the right, pulling the mean above the median.
I hope my answer helped you somehow.