If the Mean of an Exponential Distribution Is 2,then the Value

question 56

Multiple Choice

If the mean of an exponential distribution is 2,then the value of the parameter is

• A)4
• B)2
• C)1
• D)0.5

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Definitions:

Wage Rate

The amount of money paid to an employee per unit of time, often per hour or year.

Marginal Product

The additional output produced by adding one more unit of a specific input, keeping all other inputs constant.

Perfectly Competitive

A market structure characterized by a large number of sellers and buyers, homogeneous products, and no barriers to entry or exit, leading to the optimal allocation of resources.

Marginal Cost

The additional cost incurred by producing one more unit of a product.