If A, B, C, and D, Are the Only Possible

question 122

Multiple Choice

If A, B, C, and D, are the only possible outcomes of an experiment, find the probability of D using the tablebelow. $\begin{array}{l|cccc}\text { Outcome } & \text { A } & \text { B } & \text { C } & \text { D } \\\hline \text { Probability } & 1 / 7 & 1 / 7 & 1 / 7\end{array}$

• A) \(4 / 7\)
• B) \(1 / 7\)
• C) \(1 / 4\)
• D) \(3 / 7\)

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Definitions:

Reference Value

The price or quality that consumers use as a benchmark to compare with the actual price or quality of a product they are considering.

Substitute Items

Products or services that can replace each other in usage or consumption, offering consumers alternatives based on preference, price, or availability.

Value Pricing

A pricing strategy in which the price set for a product or service is based on the benefits it provides to consumers, compared to the price of similar offerings.

Perceived Benefits

The advantages that consumers believe they will gain from a product or service, which influence their purchasing decisions.