The Empirical Rule Is Applicable To

question 58

Multiple Choice

The empirical rule is applicable to:

• A)a bell-shaped distribution
• B)a skewed distribution
• C)a multimodal distribution
• D)A and B only
• E)A,B,and C

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Definitions:

Explicit Costs

Explicit costs refer to the direct, out-of-pocket payments made by businesses for the resources they use, such as wages, rent, and materials.

Uninsurable Risk

An eventuality for which the frequency or magnitude of potential losses is unpredictable or unknowable. Insurance companies are not willing to sell insurance against such risks.

Consumer Tastes

Preferences or likes and dislikes of consumers that influence their purchasing behavior and are affected by cultural, social, personal, and psychological factors.

Business Firm

An organization engaged in commercial, industrial, or professional activities, aiming to earn profits by providing goods or services.