Given a Standard Deck of Cards, What Is the Probability

question 28

Multiple Choice

Given a standard deck of cards, what is the probability of drawing a face card, given that it is a red card?

• A) 0.115
• B) 0.500
• C) 0.231
• D) 0.462
• E) 0.308

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Definitions:

Substitutes

Products or services that can be used in place of each other, fulfilling the same need or purpose.

Cross-Price Elasticity

A measure indicating how the demand for one good responds to a change in the price of another good, showing whether they are substitutes or complements.

Complementary Goods

Goods that are often used together so that the consumption of one increases the demand for the other.

Cross-Price Elasticity

A gauge of the demand shift for one item in response to price adjustments of another item.