For a Normal Curve, Three Standard Deviations from the Mean

question 29

Multiple Choice

For a normal curve, three standard deviations from the mean comprises what percentage of the observations?

• A) 48%
• B) 72%
• C) 95%
• D) 99%

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good versus what they actually receive.

Marginal Benefit

Marginal benefit is the additional satisfaction or utility received by consuming one more unit of a good or service.

Marginal Cost

The cost attached to the production of one additional unit of a good or service.

Competitive Market

A competitive market is one where there are many buyers and sellers so that no single buyer or seller can influence the price or terms of products.