In Order to Use the Central Limit Theorem to Describe

question 39

True/False

In order to use the Central Limit Theorem to describe the sampling distribution of the sample mean, , the sample size, n, must be 30 or more.

---

Definitions:

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.

Purely Competitive Industry

An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.

Supply

The complete volume of a good or service offered for sale at a specified price range in a certain market area.

Elon Musk

An entrepreneur and business magnate known for his involvement in SpaceX, Tesla, Inc., and several other high-tech ventures.