Which of the Following Is Not a Characteristic of a Multinomial

question 15

Multiple Choice

Which of the following is not a characteristic of a multinomial experiment?

• A)It consists of n identical trials.
• B)Each trial results in one of the k possible outcomes where k is a number greater than 2.
• C)The trials are dependent.
• D)The probabilities of various outcomes remain constant for each trial.

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Definitions:

Normal Profit

Normal profit is the minimum level of profit needed for a company to remain competitive in the market, equivalent to the opportunity cost of capital.

Purely Competitive Market

A market framework where numerous buyers and sellers exist, there's unrestricted access and departure, and the product is uniform, which results in participants accepting the market price as given.

Economic Profit

Profit calculated by subtracting both explicit and implicit costs from total revenues, providing a measure of the true economic performance of a venture.