Of the Last 400 Customers Entering a Supermarket, 20 Have

question 25

Short Answer

Of the last 400 customers entering a supermarket, 20 have purchased a mobile phone. If the classical approach for assigning probabilities is used, the probability that the next customer will purchase a mobile phone is: $\begin{array}{|l|l|}\hline \text { A. } & 0.80 \\\hline \text { B. } & 0.20 \\\hline \text { C. } & 0.05 \\\hline \text { D. } & 0.50 . \\\hline\end{array}$

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Definitions:

Equilibrium Price

A market state where the demand for a product matches its supply, resulting in a stable price point.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a certain price over a defined period.

Equilibrium Price

The rate at which supply and demand for a specific good or service are equal, creating a stable market condition.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the amount producers are willing to supply equals the amount consumers are willing to buy.