Find the Probability $\frac { 2 } { 7 }$ C) $\frac { 5 } { 7 }$

question 35

Multiple Choice

Find the probability.
-One digit from the number 3,474,554 is written on each of seven cards. What is the probability of drawing a card that shows 5?

• A) 1
• B) \(\frac { 2 } { 7 }\)
• C) \(\frac { 5 } { 7 }\)
• D) \(\frac { 1 } { 7 }\)

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Definitions:

Income Elasticity

A measure of how the demand for a good or service changes in response to changes in income.

Supply Elasticity

The measure of responsiveness of the quantity of a good supplied to a change in its price.

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market conditions.

Short Run

A period in economics during which at least one input or resource is fixed, limiting the ability of the firm to adjust all inputs freely.