If the Population from Which Samples Are Drawn Is Normally

question 68

Multiple Choice

If the population from which samples are drawn is normally distributed,then the sampling distribution of the sample mean is:

• A)not normally distributed
• B)normally distributed if n is 30 or larger
• C)always normally distributed
• D)normally distributed if n is less than 30

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Definitions:

Short Run

A period in economic analysis where some factors of production are fixed and cannot be changed.

Market Demand

The aggregate amount of a product or service that every consumer in a market is prepared and capable of buying at different price levels.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing firms to make adjustments and the market to stabilize at a point where supply equals demand.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical.