A Symmetric,bell-Shaped Frequency Distribution That Is Completely Defined by Its

question 66

Multiple Choice

A symmetric,bell-shaped frequency distribution that is completely defined by its mean and standard deviation is the ________ distribution.

• A)gamma
• B)Poisson
• C)bimodal
• D)normal
• E)uniform

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Definitions:

Marginal Utility

The change in total satisfaction or utility that a consumer receives from consuming one additional unit of a good or service.

Utility Maximization

An economic principle suggesting that individuals or firms seek to allocate their resources in a way that maximizes their utility or satisfaction.

Income Effect

The change in an individual's consumption resulting from a change in real income, impacting purchasing power and spending habits.

Substitution Effect

occurs when consumers replace more expensive items with less costly alternatives as their relative prices change.