Find the Probability

question 54

Multiple Choice

Find the probability. Round to the nearest ten-thousandth when necessary.
-A bag contains 6 cherry, 3 orange, and 2 lemon candies. You reach in and take 3 pieces of candy at Random. Find the probability that you have all orange candies.

• A) 0.0011
• B) 0.0061
• C) 0.7272
• D) 0.0182

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Definitions:

Five-Firm Industry

A market structure characterized by the dominance of the top five firms, often used as a concentration ratio to measure market competitiveness.

Concentration Ratios

Metrics used to assess the level of market concentration and degree of competition within an industry by examining the market shares of the largest firms.

Degree of Monopoly

The extent to which a firm or a few firms control the market share of a particular product or service, indicating the level of market power.

Interindustry Competition

Competition among companies that produce different types of goods or services but compete for the same consumer dollars.