Final answer:
The correct answer is option c) represents the value midway between the largest and smallest observations, as the median is specifically the middle value in an ordered set of data.
Step-by-step explanation:
The correct answer is option c) represents the value midway between the largest and smallest observations. The median is defined as the value that separates a dataset into two halves when the observations are ordered from least to most. It does not necessarily represent the exact middle value between the largest and smallest observations, as it is the middle point in terms of the number of data points, not the range of the data.
In fact, the median is associated with the 50th percentile, meaning it is the value below which 50% of the data falls. Also, the median splits the distribution into upper and lower halves, and it is associated with the middle value when the observations are arranged in an ascending order.