A Continuous Probability Distribution That Has a Rectangular Shape, Where

question 1

True/False

A continuous probability distribution that has a rectangular shape, where the probability is evenly distributed over an interval of numbers, is called a uniform probability distribution.

---

Definitions:

Households

Economic entities (of one or more persons occupying a housing unit) that provide resources to the economy and use the income received to purchase goods and services that satisfy economic wants.

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the public sector.

Circular Flow Model

An economic model depicting the continuous, circular flow of goods, services, and money between households and businesses in an economy.

Households

Economic units consisting of all individuals who occupy a home, responsible for making consumption decisions.