Solve the Problem. -In a State Lottery, a Player Wins the Grand Prize

question 240

Multiple Choice

Solve the problem.
-In a state lottery, a player wins the grand prize by choosing the same group of 4 numbers from 1 through 45 as is chosen by the computer. How many 4-number groups are possible?

• A) 1,080
• B) 148,995
• C) 4,100,625
• D) 3,575,880

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive.

Underproduction

The condition where the output is less than what is economically or socially optimal.

Producer Surplus

The difference between the amount producers are willing to supply goods for and the actual amount they receive by selling them.

Overproduction

The situation where more goods are produced than can be sold, leading to excess supply and often a drop in prices.