Examlex
When we assume that consumers want to pay the lowest price possible, we assume that consumers are:
Mean
The average value of a set of numbers, calculated by summing them up and dividing by the count of numbers.
Normally Distributed
A type of distribution in statistical theory where data is symmetrically distributed around a mean value, resembling a bell curve.
Independent
Not influenced or controlled by others; in statistics, refers to variables that are not affected by the changes in other variables.
Normal Distribution
A bell-shaped frequency distribution curve that is symmetric around its mean, describing how values of a variable are dispersed or spread.
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