Suppose a Uniform Random Variable Can Be Used to Describe

question 48

Multiple Choice

Suppose a uniform random variable can be used to describe the outcome of an experiment with outcomes ranging from 20 to 70. What is the probability that this experiment results in an outcome
Less than 30? Round to the nearest hundredth when necessary.

• A)1
• B)0.11
• C)0.27
• D)0.2

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Definitions:

Competitive Industry

An industry characterized by many sellers, where no single company can control market prices.

Barriers To Entry

Factors that prevent or hinder companies from entering a particular market or industry.

Barriers To Exit

Factors that make it difficult or costly for a company to leave a market or industry.

Competitive Industry

An industry characterized by many firms competing with each other by offering similar products or services, typically resulting in benefits for consumers through lower prices and higher quality.