The Binomial Probability Distribution Is Used with _____

question 37

Multiple Choice

The binomial probability distribution is used with _____.

• A) a continuous random variable
• B) a discrete random variable
• C) any distribution, as long as it is not normal
• D) All of the answers are correct.

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Definitions:

Supply

The total amount of a good or service available for purchase at any given price level in a market.

Inelastic Demand

A situation where the quantity demanded of a good or service changes very little when its price changes.

Luxury

Goods or services that are considered superior in quality and are often expensive, catering to a more affluent consumer base.

Necessity

A good or service that is considered essential for survival, such as food, shelter, and healthcare.