A Property of Continuous Probability Distributions Is That

question 72

Multiple Choice

A property of continuous probability distributions is that:

• A)Like 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;that is,P(X = x)= 0.
• E)Unlike discrete random variables,probabilities for continuous random variables can sum to a value greater than 1.

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Definitions:

Unsold Merchandise

Items that remain in stock and are not sold within a certain period, potentially leading to inventory excess or losses.

Demanded Design

A design approach or product feature specifically requested or sought after by consumers or the market.

Consumer Surplus

The variance between the amount consumers are ready to spend on a good or service and the actual amount they pay.

Efficiency

The degree to which resources are used effectively and waste is minimized, often aiming at maximizing output from given inputs.