For Any Population X with Expected Value µ and Standard

question 111

True/False

For any population X with expected value µ and standard deviation σ,the sampling distribution of will be approximately normal if the sample size n is sufficiently small.As a general guideline,the normal distribution approximation is justified when n < 30.

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Definitions:

Equilibrium Price

The cost at which the volume of goods available equals the volume desired by buyers in the market.

Equilibrium Quantity

The quantity of a good or service demanded and supplied at the equilibrium price, where market supply and demand balance each other.

Bushels

A unit of volume used primarily in agriculture to measure quantities of grain, fruit, or other produce.

Equilibrium Level

The point at which market supply and demand balance each other, and as a result, prices become stable.