The Distribution of Sample Means ____.​

question 59

Multiple Choice

The distribution of sample means ____.​

• A)​is always a normal distribution
• B)​will be normal only if the population distribution is normal
• C)​will be normal only if the sample size is at least n = 30
• D)​will be normal if either the population is normal or the sample size is n > 30

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Definitions:

Inferior Good

A type of good whose demand decreases when consumer income rises, unlike normal goods, which see an increase in demand with rising income.

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income.

Labor-supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to supply.

Elasticity Positive

Positive elasticity indicates that when the price of a good or service increases, the quantity demanded increases, or vice versa, showing a direct relationship between price and demand.