A Random Variable That May Take on Any Value in an Interval

question 56

Multiple Choice

A random variable that may take on any value in an interval or collection of intervals is known as a _____ random variable.

• A) continuous
• B) discrete
• C) mixed type
• D) multivariate

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Definitions:

Transform Resources

The process of converting resources (labor, materials, capital) into goods and services more valued by society.

Market Economy

A market economy is a system where the supply and demand for goods and services determine prices and production levels, operating with minimal government intervention.

Entrepreneurs

Individuals who initiate, manage, and assume the risks of starting and running a new business venture.

Organizes And Manages

refers to the process of structuring, coordinating, and overseeing resources and activities to achieve specific objectives efficiently and effectively.