The Amount of Time It Takes You to Complete an Exam

question 28

Multiple Choice

The amount of time it takes you to complete an exam in a statistics course is an example of a _______ random variable.

• A)discrete
• B)continuous
• C)categorical

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Definitions:

Marginal Output

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Resource (Labor)

Human effort, both physical and mental, used in the production of goods and services.

Short Run

A period of time in economics during which at least one factor of production is fixed, limiting the capacity to adjust to changes in demand or market conditions.

Long Run

Describes a period in which all factors of production and costs are variable, allowing for the adjustment of all inputs and technology by firms.