The Central Limit Theorem Implies That

question 57

Multiple Choice

The Central Limit Theorem implies that

• A)the population will be approximately normal if n ≥ 30.
• B)repeated samples must be taken to obtain normality.
• C)the distribution of the mean is approximately normal for large n.
• D)the mean follows the same distribution as the population.

---

Definitions:

Total Profit

Total profit is the financial gain a business achieves after subtracting total costs from total revenue.

AVC

Average Variable Cost, which is the cost a company incurs to produce each additional unit of product, excluding fixed costs.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

Total Revenue

The total income generated by a firm or economy from its sale of goods and services, calculated before any expenses are subtracted.