If a Set of Data Is Normally Distributed, Then About

question 66

Multiple Choice

If a set of data is normally distributed, then about _______________ of the data lie within one standard deviation below the mean.

• A)34%
• B)47.5%
• C)68%
• D)95%

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Definitions:

Demand Curves

Graphs showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Influence Over Price

The ability of a seller or a buyer to affect the price of goods or services in the market.

Economic Profits

The surplus remaining after total costs (including both explicit and implicit costs) are subtracted from total revenue; often indicates the firm is outperforming the average in its industry.

Industry Supply Curve

A graphical representation showing the relationship between the price of a commodity and the quantity supplied by all producers in the market.