The Empirical Rule Says That

question 92

Multiple Choice

The Empirical Rule says that:

• A)most business data sets are normally distributed.
• B)outliers are within three standard deviations of the mean.
• C)in most business data we expect the mean and median to be similar.
• D)about 32 percent of the data are beyond one standard deviation from the mean.The

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Definitions:

Normal Profits

The minimum level of profit necessary for a company to remain competitive in the market, also seen as the cost of keeping an entrepreneur in business.

Economic Profits

Profits calculated by subtracting both the explicit and implicit costs from a firm's total revenues; a measure of earnings exceeding the opportunity costs.

Entry Of Firms

The process by which new companies enter into an industry, adding to the competition.

Government Subsidies

Financial support provided by the government to organizations, businesses, or individuals, aimed at promoting certain activities or reducing costs.