A Recent Survey Was Conducted to Compare the Cost of Solar

question 175

Multiple Choice

A recent survey was conducted to compare the cost of solar energy to the cost of gas or electric energy. Results of the survey revealed that the distribution of the amount of the monthly utility bill of a 3-bedroom house using gas or electric energy had a mean of $135 and a standard deviation of $11. If the distribution can be considered mound-shaped and symmetric, what percentage of homes will have a monthly utility bill of more than $124?

• A) approximately 84%
• B) approximately 95%
• C) approximately 16%
• D) approximately 34%

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Definitions:

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, having a high degree of interchangeability.

Socially Optimal Output

The level of production of goods and services that leads to the maximum possible economic efficiency and welfare in society, considering both benefits and costs.

Ceiling Price

A legally established maximum price that can be charged for a good or service, intended to protect consumers.

Pure Monopolist

A single seller in a market that sells a product for which there are no close substitutes, controlling the entire supply and influencing price.