A Description of the Distribution of the Values of a Random

question 46

Multiple Choice

A description of the distribution of the values of a random variable and their associated probabilities is called a

• A) probability distribution.
• B) empirical discrete distribution.
• C) bivariate distribution.
• D) table of binomial probability.

---

Definitions:

Price of Output

The amount of money that a producer receives for selling one unit of a good or service.

Equilibrium Wage

The wage rate at which the quantity of labor supplied and the quantity of labor demanded are equal.

Price of Output

The amount of money charged for a product or service produced by a business or an economy.

Labor

The application of human physical and intellectual labor in the creation of goods and services.