Suppose 40% of the Population of Pre-Teens Have a TV

question 87

Multiple Choice

Suppose 40% of the population of pre-teens have a TV in their bedroom.If a random sample of 500 pre-teens is drawn from the population, then the probability that 44% or fewer of the pre-teens have a TV in their bedroom is closest to _______.

• A)0.9664
• B)0.4644
• C)0.0336
• D)0.0400
• E)0.9600

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Definitions:

Elasticity of Demand

A quantification of how price changes influence the amount of a good that is demanded.

Marginal Cost

The supplementary cost involved in creating one more unit of a product or service.

Monopoly

A monopoly is a market structure characterized by a single seller controlling a large portion of the market, lacking significant competition, and often able to influence prices.

Natural Monopoly

A market structure where a single firm can produce the entire market's supply at a lower cost than could multiple firms due to economies of scale.