A Company Estimates That 50% of the Country Has Seen

question 165

Multiple Choice

A company estimates that 50% of the country has seen its commercial and that if a person sees its commercial, there is a 45% probability that the person will buy its product. What is the probability that a person chosen at random in the country will have seen the commercial and bought the product? Round your answer to four decimal places. ​

• A)0.0111
• B)0.0500
• C)0.4500
• D)0.5000
• E)0.2250

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Definitions:

Oligopolists

Firms that dominate an industry, characterized by a small number of entities controlling a large market share.

Price War

A competitive situation where rival companies repeatedly cut prices to undercut each other, often to gain market share.

Oligopoly

A market setup where a few companies dominate by holding a significant market share.

Monopoly Level

A state or degree in which a single company or entity has exclusive control over a particular market or industry.