Assume Z Is a Standard Normal Random Variable

question 53

Multiple Choice

Assume z is a standard normal random variable. What is the value of z if the area to the right of z is .9803?

• A) -2.06
• B) .4803
• C) .0997
• D) 3.06

---

Definitions:

Government Price Floor

A minimum price set by the government for certain goods, ensuring producers receive a minimum return regardless of market forces.

Market For Butter

The supply and demand dynamics concerning the sale and purchase of butter.

Surplus

A situation in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Binding Price Floor

A minimum price set by the government that is above the equilibrium price, causing a surplus of the good.