Bananas Are Sold in Bunches at a Grocery Store and Typically

question 69

Multiple Choice

Bananas are sold in bunches at a grocery store and typically consist of 4-8 bananas per bunch. Suppose the weight of these bunches follows a normal distribution with a mean of 3.54 pounds and a standard deviation of 0.63 pounds. The interval around the mean that contains 99.7% of the bunch weights is --------.

• A)1.65, 5.43
• B)2.28, 4.80
• C)1.02, 6.06
• D)0.39, 6.69

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Definitions:

Single-Firm

Refers to a market situation dominated by a single producer or service provider.

Network Externalities

Effects on a user of a product or service that depend on the number of other users of the same or compatible products or services.

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The total loss in welfare or efficiency that a society faces, often due to inefficiencies or externalities in markets.