For Any Normally Distributed Random Variable with Mean μ and Standard

question 95

Multiple Choice

For any normally distributed random variable with mean μ and standard deviation σ,the proportion of the observations that fall outside the interval [μ - σ,μ + σ] is closest to _____.

• A)0.0466
• B)0.3174
• C)0.8413
• D)0.1687

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Definitions:

Perfectly Competitive

A market structure where numerous small firms sell identical products, there’s free entry and exit, and no single firm can influence the market price.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good or service changes as production volume changes.

Variable Input

Any resource for which the quantity used in production can vary as the level of output changes.

Perfectly Competitive

A market structure where many firms offer products that are similar and entry into the market is relatively free of barriers.