In Making a Production Decision,an Entrepreneur

question 83

Multiple Choice

In making a production decision,an entrepreneur

• A)Decides whether to enter or exit the market.
• B)Decides what level of output will maximize profits.
• C)Determines plants and equipment.
• D)Can change both fixed and variable inputs.

---

Definitions:

Positively Skewed Distribution

A distribution where more values fall to the left side of the mean, causing a long tail on the right, indicating that the median is less than the mean.

Sample Mean

The average value calculated from a sample of data, used as an estimate of the population mean.

Normally Distributed

Describes a distribution that follows a normal curve or bell curve, where most observations cluster around the central peak and the probabilities for values further away from the mean taper off equally in both directions.

Sampling Distribution

The distribution pattern of probabilities for a specified statistic obtained from a random sample.