Solve the Problem. -Mark Can Remember Only the First 5 Digits of His

question 216

Multiple Choice

Solve the problem.
-Mark can remember only the first 5 digits of his friend's phone number. He also knows that the number has 7 digits and that the last digit is not a 0. If Mark were to dial all of the possible numbers
And if it takes him 25 seconds to try each one, how long would it take to try every possibility?

• A)37.5 minutes
• B)41.7 minutes
• C)4.2 minutes
• D)8.3 minutes

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Definitions:

Pure Competition

A market structure characterized by an extremely large number of sellers and buyers, homogeneous products, and easy entry and exit from the market.

Market Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.

Nonprice Competition

A marketing strategy where companies differentiate their products or services based on attributes other than price, such as quality, design, or brand reputation.

Pure Competition

A market structure characterized by a large number of sellers offering standardized products or services, with no single seller able to influence price or market conditions.