Examlex
The battery life of an iPod has an approximate normal distribution with a mean of 6 hours and a
standard deviation of 0.5 hours. What is the probability that a randomly chosen iPod will have a
battery life between 5 hours and 6.5 hours? Give your answer as a percentage.
Identical Product
A product that is exactly the same in every feature, quality, and aspect as another product.
Barriers To Entry
Obstacles that make it difficult to enter a particular market, which could include high startup costs, stringent regulations, or strong competition.
Horizontal Demand Curve
A demand curve characterized by a constant price for varying quantities demanded, indicating perfect elasticity.
Large Number
A large number refers to an amount or quantity significantly above average or normal, often used in various contexts to indicate magnitude or scale.