New Car Owners Were Asked to Evaluate Their Experiences in Buying

question 55

Multiple Choice

New car owners were asked to evaluate their experiences in buying a new car during the past 12 months. In the survey, the owners indicated they were most satisfied with their experiences at the following three dealers (in no particular order) : Subaru, Honda, and Buick. Assuming that each set of rankings is equally likely, what is the probability that owners ranked Subaru third?

• A) 1/3
• B) 1/6
• C) 1/2
• D) 5/6
• E) 6/6

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Definitions:

Innovation

The process of creating new ideas, products, or methods, including the application of better solutions to meet new requirements or existing market needs.

Risk Taking

The act of engaging in actions or decisions that have uncertain outcomes, involving potential risks as well as rewards.

Quantitative Structure

A framework or model that uses numerical and statistical techniques to analyze or represent a set of data or patterns.

Contingency

An event or condition that is possible but cannot be predicted with certainty, often requiring planning for different potential outcomes.