Economists Represent a Consumer's Preferences Using

question 426

Multiple Choice

Economists represent a consumer's preferences using

• A)demand curves.
• B)budget constraints.
• C)indifference curves.
• D)supply curves.

---

Definitions:

Standard Deviations

A metric indicating the extent of variability or spread in a collection of values, denoting how far away the values deviate from the average.

Standard Normal Distribution

A type of normal distribution where the mean is 0 and the standard deviation is 1, used in statistics for z-score calculations.

Variance

A statistical measurement of the dispersion or spread of a set of data points, indicating how much the individual data points differ from the mean.

Normally Distributed

Relates to a distribution that follows a normal distribution, with data symmetrically distributed around the mean.