Choose the One Alternative That Best Completes the Statement or Answers

question 73

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-A bag contains 9 red marbles, 3 blue marbles, and 7 green marbles. If one marble is selected at random, determine the probability that it is blue.

• A) \(\frac { 3 } { 19 }\)
• B) \(\frac { 1 } { 4 }\)
• C) \(\frac { 9 } { 19 }\)
• D) \(\frac { 7 } { 19 }\)

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Definitions:

Break-Even Point

The point at which total costs and total revenues are equal, resulting in no net loss or gain for a business.

Shutdown Point

The level of output and price at which a company's revenue just covers its variable costs, below which the company would lose more money if it continued to operate.

Short Run

A period in economic analysis where at least one input is fixed and cannot change, influencing decision-making and production.

Long Run

An economic period sufficiently long enough to allow all inputs or factors of production to be varied or adjusted, as opposed to the short run where some inputs are fixed.