If a Population Is Normally Distributed with µ = 500

question 45

Multiple Choice

If a population is normally distributed with µ = 500 and σ = 50, and a sample of size 20 is selected, the probability that the sample mean falls between 450 and 550 will be ________ the probability that an individual value falls between 450 and 550.

• A) the same as
• B) less than
• C) greater than
• D) less than or the same as
• E) not enough information given

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Definitions:

Long Run

A period in economic analysis during which factors of production and costs are fully adjustable, allowing all inputs to production to be varied.

Marginal Revenue

This refers to the additional income earned by selling one more unit of a good or service.

Marginal Cost

The additional cost incurred to produce one more unit of a good or service, highlighting the cost variations when adjusting production levels.

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and loan payments.