If We Know That the Length of Time It Takes

question 114

Multiple Choice

If we know that the length of time it takes a college student to find a parking spot in the library parking lot follows a normal distribution with a mean of 3.5 minutes and a standard deviation of 1 minute,75.8% of the college students will take more than how many minutes when trying to find a parking spot in the library parking lot?

• A)2.8 minutes
• B)3.2 minutes
• C)3.4 minutes
• D)4.2 minutes

---

Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.

Quantity Supplied

The amount of a good or service that producers are willing to sell at a particular price.

Price Ceiling

A government-imposed limit on the price charged for a product, intended to prevent prices from rising too high.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, often due to market prices being higher.