The Probability That Pete Will Catch Fish When He Goes

question 77

Multiple Choice

The probability that Pete will catch fish when he goes fishing is .8.Pete is going to fish 3 days next week.Define the random variable x to be the number of days Pete catches fish.The probability that Pete will catch fish on one day or less is

• A) .008
• B) .096
• C) .104
• D) .8

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Definitions:

Collude

When two or more firms or entities agree to work together, typically secretly and illegally, to fix prices, rig bids, or form a monopoly to eliminate competition and increase profits.

Profit Margins

A financial metric that represents the percentage of revenue that exceeds the costs involved in producing goods or services.

Prisoners' Dilemma

A scenario in game theory showing why two rational individuals might not cooperate even if it's in their best interest to do so.

Collusive Agreement

An arrangement among competing firms to coordinate actions or fix prices, often in secret, to limit competition.