If the Upper and Lower Control Limits Are Set at ±3

question 78

Multiple Choice

If the upper and lower control limits are set at ±3 standard deviations from the mean,we would expect that ________.

• A)99.7% of the sample means are within the control limits
• B)95% of the sample means are within the control limits
• C)about 68% of the sample means are within the control limits
• D)about 5% of the sample means are outside the control limits

---

Definitions:

Equilibrium Price

The cost at which the amount of a product or service consumers want to buy matches the amount that manufacturers are willing to sell.

Equilibrium Quantity

The quantity of goods or services that is supplied is exactly equal to the quantity demanded at the equilibrium price.

Commodity X

A placeholder term for any generic, interchangeable good or service in economic analysis.

Demand Equation

A mathematical expression that relates the quantity demanded of a good to its price and other factors influencing demand, typically in the form of Qd = f(P, ...), where Qd is quantity demanded, P is price, and ... represents other determinants.