What Is the Central Limit Theorem

question 7

Multiple Choice

What is the central limit theorem?

• A)It explains that sample means will vary minimally from the population mean.
• B)It explains that a sampling distribution of possible sample means is approximately normally distributed,regardless of the shape of the distribution in the population.
• C)It explains that if we select a sample at random,then on average we can expect the sample mean to equal the population mean.
• D)all of the above

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Definitions:

Price Elastic

A term describing how responsive the demand for a good is to a change in its price.

Total Revenue

The total amount of money generated by a business from the sale of its goods or services before any costs or expenses are deducted.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.

Price Inelastic

A characteristic of a good for which the demand does not significantly change with a change in its price.