One Year, the Distribution of Salaries for Professional Sports Players

question 4

Multiple Choice

One year, the distribution of salaries for professional sports players had mean $1.8 million and standard deviation $0.6 million. Suppose a sample of 400 major league players was taken. Find the approximate probability that the average salary of the 400 players that year exceeded $1.1 million.

• A) approximately 1
• B) approximately 0
• C) .2357
• D) .7357

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Definitions:

Consumer Sovereignty

The concept that consumers' preferences and decisions dictate the production and sale of goods and services in an economy.

Legislation

Laws and statutory requirements passed by a legislative body or the process involved in creating these laws.

Marginal Benefit

Marginal Benefit refers to the additional satisfaction or utility that a person receives from consuming an extra unit of a good or service.

Marginal Cost

Marginal cost describes the increase in total cost that arises from producing one more unit of a particular good or service.