The Mean Rent for a Two-Bedroom Apartment in the Greater

question 66

Multiple Choice

The mean rent for a two-bedroom apartment in the Greater Toronto Area is $2,000 per month. The distribution of the monthly costs does not follow the normal distribution. In fact, it is positively skewed. What is the probability of selecting a sample of 36 two-bedroom apartments and finding the mean to be at least $1,500 per month? The standard deviation of the sample is $300.

• A) 34.13%
• B) 84.13%
• C) 50%
• D) 100%
• E) None of the choices are correct

---

Definitions:

Pay

Pay denotes the salary or wages received by a worker as compensation for their labor or services to an employer.

Regulatory Capture

The situation that occurs when a governmental regulatory agency ends up being controlled by the industry that it is supposed to be regulating.

Government

The group or system of people governing an organized community, often a state, and the authority to make and enforce laws.

Excessive Control

A situation where the level of regulation or direction exceeds what is considered normal or necessary, often leading to inefficiencies or reduced autonomy.