The Mean Plus or Minus Twice the Standard Deviation for a Normal

question 2

Multiple Choice

The mean plus or minus twice the standard deviation for a normal distribution provides a probability range of _____ per cent.

• A)66
• B)68
• C)95
• D)97
• E)99

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Definitions:

Dominant Firms

Companies that possess a major share of the market and typically have considerable power to influence market conditions and prices.

Low Entry Barriers

Characteristics of a market or industry that make it easy for new companies to start operations and compete.

Homogeneous Oligopoly

A market structure characterized by a few firms producing identical or very similar products, leading to significant inter-firm competition.

Identical Products

Products that are exactly the same in every feature, often used in economic models of perfect competition.