Which of the Following Statements About the Central Limit Theorem

question 3

Multiple Choice

Which of the following statements about the Central Limit Theorem is true?

• A) The Central Limit Theorem states that the sample mean is always equal to the population mean μ.
• B) The Central Limit Theorem states that the sampling distribution of the population mean μ is approximately normal provided that n ≥ 30.
• C) The Central Limit Theorem states that the sampling distribution of the sample mean is approximately normal for large sample sizes (n ≥ 30).
• D) The Central Limit Theorem states that the sample mean is equal to the population mean μ provided that n ≥ 30.

Understand the effects of complementary and substitute resources on productivity.

Differentiate between the substitution effect and the output effect and their impact on resource allocation.

Apply the principle of optimal resource mix in firm operation contexts.

Explain the role of derived demand in the context of labor and capital as factors of production.