Consider the Experiment of Tossing a Fair Coin Three Times

question 13

Multiple Choice

Consider the experiment of tossing a fair coin three times and observing the number of heads that result (X = number of heads) . What is the variance for this distribution?

• A) 1.5
• B) 1.22
• C) .75
• D) .87

Recognize the relationship between product standardization and market competition.

Understand the characteristics and implications of purely competitive market settings for firms.

Understand the concept of pure competition in market structures.

Identify the characteristics and implications of being a price taker in a purely competitive market.

---

Definitions:

Low Wages

Compensation amounts paid to workers that are significantly below the average for their sector or region.

CEOs Paid

Refers to the compensation, including salary, bonuses, and stock options, received by chief executive officers of corporations.

Average Employee

A hypothetical or statistical worker representative of the typical skill level, salary, and experience within a company or industry.

Economic Planning

The process by which government officials allocate resources and organize economic activities with the goal of achieving specific economic outcomes.