A Loaf of Bread Is Normally Distributed with a Mean

question 1

Multiple Choice

A loaf of bread is normally distributed with a mean of 22 ounces and a standard deviation of ½ ounces. (i) The probability that a loaf of bread is < 20 ounces is 0.0.
(ii. The probability that a loaf of bread is > 21 ounces is 0.4772.
(iii) The probability that a loaf of bread is < 24 ounces is 1.0.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (i) and (ii) are correct statements but not (iii).
• E) (ii) and (iii) are correct statements but not (i).

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Definitions:

Price Floor

Price floor is a government or group-imposed limit below which prices cannot fall, typically set to ensure producers can cover their costs.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in market balance.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specific period.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a specified period.