A Property of Continuous Distributions Is That

question 109

Multiple Choice

A property of continuous distributions is that:

• A)As with discrete random variables,the probability distribution can be approximated by a smooth curve.
• B)Probabilities for continuous variables can be approximated using discrete random variables.
• C)Unlike discrete random variables,probabilities can be found using tables.
• D)Unlike discrete random variables,the probability that a continuous random variable equals a specific value is zero [P(X = x)= 0].

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Definitions:

Economic Profit

The profit a firm makes after deducting both its explicit (out-of-pocket) and implicit (opportunity) costs, reflecting the total financial gain that exceeds the firm's total costs.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various price points, at a specific time.

Industry Entry

The process by which a business or company begins to operate in a specific industry.

Monopolistically Competitive

Refers to a market structure where many firms sell products that are similar but not identical, allowing them some power to set prices due to product differentiation.