Whenever the Population Standard Deviation Is Unknown, Which Distribution Is

question 110

Multiple Choice

Whenever the population standard deviation is unknown, which distribution is used in developing an interval estimate for a population mean?

• A) standard distribution
• B) z distribution
• C) binomial distribution
• D) t distribution

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Definitions:

Network Externalities

The effect on a user of a product or service that results from an increase in the number of other users of the same or compatible products or services.

Natural Monopolies

Market conditions where a single firm can supply a good or service more efficiently than any competitor due to economies of scale, hence dominating the market.

Positive Feedback

Put simply, success breeds success, failure breeds failure; the effect is seen with goods that are subject to network externalities.

Marginal Social Benefits

The additional benefits to society as a whole from producing one more unit of a good or service.