Given That X Is a Normal Random Variable,the Probability That

question 80

Multiple Choice

Given that X is a normal random variable,the probability that a given value of X is below its mean is ________________.

• A)1
• B)equal to 0.5
• C)less than 0.5
• D)greater than 0.5

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Definitions:

Price

The amount of money required to purchase a good or service; it acts as a signal between sellers and buyers.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers.

Willingness to Pay

The maximum amount an individual is prepared to spend to acquire a good or service or avoid something undesirable.

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service and what they end up spending.