Suppose the Mean Time to Fill a Routine Prescription at a Local

question 30

Multiple Choice

Suppose the mean time to fill a routine prescription at a local pharmacy is 35 minutes based on the time the physician places the order to the time it is dispensed. Assume the standard deviation is 11 minutes. The z score for x = 46 is ___.

• A) 1.00
• B) -1.00
• C) 11.00
• D) -11.00
• E) 0.10

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market balance.

Demand Curve

is a graph showing the relationship between the price of a good or service and the quantity demanded by consumers, typically downsloping to indicate that lower prices increase demand.

Competitive Firm

A company that operates in a market with many competitors, facing a highly elastic demand curve for its product because many substitutes are available.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply in the market.