A Student Takes a True-False Test That Has 12 Questions

question 25

Multiple Choice

A student takes a true-false test that has 12 questions and guesses randomly at each answer. Let X be the number of questions answered correctly. Find P(10 or more)

• A)0.0032
• B)0.0730
• C)0.0193
• D)0.9270

---

Definitions:

Equilibrium Price

The price in the market where the amount of products offered matches the amount of products consumers want to buy.

Quota Rent

Quota Rent is the economic rent a producer earns from the difference between the domestic price and the world price due to a quota system limiting imports.

Demand Price

The highest price a consumer is willing to pay for a good or service.

Supply Price

The minimum price at which a seller is willing to sell a good or service, influenced by production costs and market conditions.