An Aptitude Test Has a Mean of 400 and a Standard

question 45

Multiple Choice

An aptitude test has a mean of 400 and a standard deviation of 40. The test scores are normally distributed. If 2500 people take the test, find the number of people who will score between 314 and 490.

• A) 35
• B) 2430
• C) 70
• D) 2465

Determine the shut-down price and break-even price for firms.

Understand the assumptions underlying the model of perfect competition.

Analyze the supply curve of a firm and industry in perfect competition.

Understand the biological underpinnings of generalized anxiety disorder.

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Definitions:

Diminishing Marginal Returns

A principle stating that after an optimal point, further increases in one input while holding others constant will result in smaller and smaller gains in output.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a variable input.

Marginal Physical Product

The additional output produced by using one more unit of a variable input, holding all other inputs constant.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a factor of production, such as labor or capital.