You Randomly Select Two Households and Observe Whether or Not

question 64

Multiple Choice

You randomly select two households and observe whether or not they own a telephone answering machine.Which of the following is a simple event?

• A)Exactly one of them owns a telephone answering machine.
• B)At least one of them owns a telephone answering machine.
• C)At most one of them owns a telephone answering machine.
• D)Neither of the two owns a telephone answering machine.

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Definitions:

Marginal Revenue Curve

A graphical representation that shows the change in total revenue for every unit increase in the quantity of output sold.

Demand Curve

A graphical representation showing the relation between the price of a good and the quantity demanded by consumers.

Profit Maximizing

is a strategy where a firm decides on the quantity of production and price to maximize its profit.

Elasticity Of Demand

A gauge of the extent to which demand for an item is affected by fluctuations in its price.