The Central Limit Theorem States That A $\frac { \bar { Y } - \mu _ { Y } } { \sigma _ { \bar { Y } } }$

question 4

Short Answer

The central limit theorem states that a. the sampling distribution of $\frac { \bar { Y } - \mu _ { Y } } { \sigma _ { \bar { Y } } }$ is approximately normal.
b. $\bar { Y } \stackrel { p } { \rightarrow } \mu _ { Y }$ .
c. the probability that $\bar { Y }$ is in the range $\mu _ { Y } \pm c$ becomes arbitrarily close to one as $n$ increases for any constant $c > 0$ .
d. the $t$ distribution converges to the $F$ distribution for approximately $n > 30$ .

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Definitions:

Monopolistic Competition

A market structure where many firms offer products that are similar but not perfect substitutes, leading to competitive pricing and marketing strategies.

Oligopoly

A market structure characterized by a small number of firms controlling a large portion of the market share, often leading to less competition and higher prices.

Least Number

The smallest number in a given set of numbers.

Market Model

A theoretical construct that describes the functioning of a market, including the roles of buyers and sellers and the determination of prices.