Use the Following Information to Answer the Question

question 42

Multiple Choice

Use the following information to answer the question. Suppose that the probability that a person books an airline ticket using an online travel website is 0.72. For the questions that follow, consider a sample of ten randomly selected people who recently booked an airline ticket.
-What is the probability that at least nine out of ten people used an online travel website when they booked their airline ticket? Round to the nearest thousandth.

• A)0.935
• B)0.065
• C)0.183
• D)0.857

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Definitions:

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often to maximize their profits illegally or unethically.

Collusive Agreements

Arrangements or agreements, often illegal, between competing firms to limit competition, control prices, or divide markets among themselves.

Cartel

A formal agreement among competing firms to control the market for a certain product by setting prices, limiting supply, or other restrictive practices.