Exhibit 6-5 The Weight of Items Produced by a Machine Is Normally

question 39

Multiple Choice

Exhibit 6-5
The weight of items produced by a machine is normally distributed with a mean of 8 ounces and a standard deviation of 2 ounces.
-Refer to Exhibit 6-5. What is the probability that a randomly selected item will weigh more than 10 ounces?

• A)0.3413
• B)0.8413
• C)0.1587
• D)0.5000

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Definitions:

Perfectly Competitive

Describes a market structure where numerous small firms compete against each other, and products are considered perfect substitutes.

Average Rate

A mathematical mean or typical value of a set of rates, often used in reference to interest rates, pricing, or other financial statistics.

Market Demand

The total quantity of a product or service that is desired by all potential consumers in a market at various price levels.

Competitive Industry

An industry landscape where multiple firms compete against each other, often leading to innovation and lower prices for consumers.