It Is Very Common for a Television Series to Draw

question 45

Multiple Choice

It is very common for a television series to draw a large audience for special events or for cliff-hanging story lines. Suppose that on one of these occasions, the special show drew viewers from 38.2 percent of all US TV households. Suppose that three TV households are randomly selected. What is the probability that none of the three households viewed this special show?

• A) 0.236
• B) 0.056
• C) 0.618
• D) 0.382
• E) 0.127

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Definitions:

Industry

The organized economic activity related to the production, processing, and marketing of goods and services.

Interindustry Competition

Competition among firms that operate in different industries but compete for the same set of customers or inputs.

Oligopolistic Producers

Firms within a market structure where a small number of companies have the majority of market share and thus can significantly influence price and production levels.

Purely Competitive

Describes a market structure where many sellers offer identical products, and no single seller can influence the market price.