If the Random Variable X Is Exponentially Distributed with Parameter $\lambda$

question 41

Multiple Choice

If the random variable X is exponentially distributed with parameter $\lambda$ = 3,then the probability P(X $\ge$ 2) equals:

• A) 0.3333
• B) 0.5000
• C) 0.6667
• D) 0.0025

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Definitions:

Price-taker

A seller or buyer that has no control to dictate prices in the market, typically because of the highly competitive and uniform nature of the product.

Competitive Price-searcher Markets

Markets where firms have some control over prices due to product differentiation, but must search for the best price to attract customers.

Price Searchers

Firms that have the ability to influence the price of the goods or services they sell by varying their output or product characteristics.

Gross Revenue

Total income received by a company from its business activities, before any expenses are deducted.