Any Normal Distribution Has a Mean of 0 and a Standard

question 10

True/False

Any normal distribution has a mean of 0 and a standard deviation of 1.

Predict market outcomes (e.g., surplus, shortage) from given shifts in supply and/or demand.

Understand the differences and purposes of different types of contracts (C.I.F., F.O.B., C.O.D.).

Recognize the application of the Privity of Contract and consumer transaction laws.

Understand the purpose and main provisions of the Sale of Goods Act.

---

Definitions:

CFR

An abbreviation for "Code of Federal Regulations," which is a collection of the general and permanent rules published in the Federal Register by the departments and agencies of the Federal Government.

FOB

Free on Board, a shipping term used to indicate whether the seller or buyer is responsible for goods damaged or destroyed during shipping.

Excess Capacity

A situation where a business produces less than it is actually capable of because there is not enough demand for its product or service.

Output Contract

A legal agreement in which a seller agrees to sell all the production to a particular buyer, who in turn agrees to purchase the entire output.