This statement is true for the normal distribution. The above distribution is positively skewed. Note: for those tempted to use Chebyshev’s inequality to determine the percentage of observations falling within one standard deviation of the mean, the formula is valid only for k > 1.

The other statements are true. When we order the six prices from least to greatest: $12, $12, $15, $16, $17, $30, we observe that the mode (most frequently occurring price) is $12, the median (middle observation) is $15.50 [(15 + 16)/2], and the mean is $17 (sum of all prices divided by number in the sample). Time-Saving Note: Just by ordering the distribution, we can see that it is positively skewed (there are large, positive outliers). By definition, mode < median < mean describes a positively skewed distribution.