Which of the Following Probability Distributions Would Most Likely Be

question 74

Multiple Choice

Which of the following probability distributions would most likely be used to describe the time between failures for electronic components?

• A) Binomial distribution
• B) Exponential distribution
• C) Uniform distribution
• D) Normal distribution

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Definitions:

Marginal Expenditure

The additional cost incurred from producing or purchasing one more unit of a good or service.

Average Expenditure

The average amount of money spent per unit of time, often calculated for goods, services, or a combination of both by consumers or businesses.

Monopsonist

A market condition where there is only one buyer for a product or service, giving the buyer significant power over prices.

Competitive Buyer

A buyer in a market where numerous purchasers compete to acquire goods or services, often leading to more favorable prices.