Which Is True for a Binomial Distribution

question 72

Multiple Choice

Which is true for a binomial distribution?

• A) There are three or more possible outcomes
• B) Probability of success remains the same from trial to trial
• C) Value of p is equal to 1.50
• D) All of the choices are correct are correct
• E) None of the choices are correct are correct

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Definitions:

Willingness To Pay

The maximum price at which a consumer is prepared to buy a good or service, reflecting the perceived value of the product to the consumer.

Public Good

A good that is non-excludable and non-rivalrous, meaning it can be consumed by everyone and one person's consumption does not diminish another's.

Marginal Cost

The cost incurred by producing one additional unit of a product, reflecting changes in variable costs.

Public Good

An offering of goods or services to the entire population of a society free of charge, provided by governmental bodies or private parties, without the aim of earning a profit.