Use Counting Rules to Determine the Probability

question 55

Multiple Choice

Use counting rules to determine the probability.
-In a card game, each player is dealt 4 cards from an ordinary deck of 52 playing cards. Determine the probability of being dealt a hand containing three cards of one denomination and one of Another.

• A)0.0137
• B)0.165
• C)0.00922
• D)0.0000591

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Definitions:

Market Power

The ability of a firm or group of firms to influence the price or control the supply of a good or service in a market.

Monopoly Markets

Markets dominated by a single seller, where the monopolist has significant control over the price and supply of a product or service.

Deadweight Losses

Economic inefficiencies that arise when market equilibrium is not achieved, often resulting from monopolies, taxes, subsidies, or price controls, leading to lost welfare for consumers or producers.

X-inefficiency

The difference between efficient behavior of businesses under competitive environments versus the inefficiency that arises in the absence of competition.