A Table, Formula, or Graph That Shows All Possible Countable

question 53

Multiple Choice

A table, formula, or graph that shows all possible countable values a random variable can assume, together with their associated probabilities, is called a:

• A) discrete probability distribution.
• B) Continuous probability distribution.
• C) bivariate probability distributi on.
• D) probability tree.

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Definitions:

Hourly Wage Rate

The amount of money paid for each hour of work.

Opportunity Cost

The cost of the next best alternative forgone as a result of making a decision.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods.

Marginal Product

The increase in output that results from employing one more unit of a factor of production.