The Number of Customers Who Enter a Store During One

question 17

Multiple Choice

The number of customers who enter a store during one day is an example of _____.

• A) a continuous random variable
• B) a discrete random variable
• C) either a continuous or a discrete random variable, depending on the number of the customers
• D) either a continuous or a discrete random variable, depending on the gender of the customers

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Definitions:

Regulatory Commission

A government body responsible for setting and enforcing rules and regulations in a specific sector to protect public interest.

Economies of Scale

The advantages in cost that companies receive owing to their operational magnitude, with the expense per produced unit generally diminishing as the scale of operations broadens.

Natural Monopoly

A market condition where the cost of production is minimized by having a single firm produce the product, due to high fixed or startup costs.

Demand Schedules

A table that shows the quantity demanded of a good or service at different price levels.