A Normal Distribution Must

question 16

Multiple Choice

A normal distribution must

• A) have outliers.
• B) be symmetric.
• C) be positively skewed.
• D) be negatively skewed.

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Definitions:

Consumer Surplus

The divergence between the full amount consumers intend and are able to allocate for a good or service, and the amount they really pay.

Total Utility

The complete fulfillment derived from the consumption of a specific amount of products or services.

Consumer Surplus

The gap between the total price consumers are willing and able to shell out for a good or service and the amount they really pay.

Water-Diamond Paradox

An economic paradox that questions why diamonds are pricier than water despite water being essential for survival and diamonds having relatively little practical use.