Each Salesperson in a Large Department Store Chain Is Rated

question 47

Multiple Choice

Each salesperson in a large department store chain is rated with respect to sales potential for advancement. These traits for the 500 salespeople were cross-classified into the following table: What is the probability that the selected salesperson has below average sales ability and has a fair potential for advancement?

• A) 16/500
• B) 16/154
• C) 300/500
• D) 188/500
• E) 204/500

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Definitions:

Economic Profit

The difference between the entirety of earnings and the aggregate of expenditures, acknowledging both visible and concealed costs.

Maximum Profit

The highest possible financial gain that a business can achieve under given market conditions and with its current resources.

Monopolist

A monopolist is a sole producer or supplier of a particular good or service in the market, having significant control over pricing and market conditions.

Marginal Revenue

Marginal Revenue is the additional income gained from selling one more unit of a good or service, crucial for understanding profit maximization.