The Intelligence Quotient (IQ)test Scores for Adults Are Normally Distributed

question 38

Multiple Choice

The Intelligence Quotient (IQ) test scores for adults are normally distributed with a population mean of 100 and a population standard deviation of 15. What is the probability we could select a sample of 50 adults and find that the mean of this sample exceeds 104?

• A)0.0294
• B)0.9412
• C)Approximately 1
• D)0.9706

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Definitions:

Monopoly

A single-seller market scenario, in which the product offered is unique and lacks any near equivalents in the marketplace.

Barriers To Entry

Barriers to entry are obstacles that make it difficult for new competitors to enter a market, which can include high startup costs, strict regulations, or strong brand loyalty among consumers.

Single-price Monopolist

Describes a monopoly that sells its product or service at a single price to all customers, without price discrimination.

Individual Willingness

Refers to the level of price or effort a person is ready to offer to acquire a specific good or service.