Provide an Appropriate Response

question 118

Multiple Choice

Provide an appropriate response
-High temperatures in a certain city for the month of August follow a uniform distribution over the interval 64°F to 94°F. Find the high temperature which 90% of the August days exceed.

• A) 67°F
• B) 91°F
• C) 74°F
• D) 94°F

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Definitions:

Invisible Hand Principle

Adam Smith's concept that self-interested behaviors in a free-market economy lead to economic benefits for all.

Competitive Markets

Markets characterized by a high level of competition where no single buyer or seller can influence prices significantly, leading to efficient distribution of resources.

General Welfare

General welfare refers to the overall health, prosperity, and happiness of a population.

Invisible Hand Principle

Adam Smith's concept that individuals' self-interested actions can lead to positive social and economic outcomes, guided as if by an invisible hand.