The Probability That a Person Will Have 0, 1, or 2

question 115

Multiple Choice

The probability that a person will have 0, 1, or 2 dental checkups per year is 0.3 0.1, respectively. If seven people are picked at random, what is the probability that two
Will have no checkups, four will have one checkup, and one will have two checkups in
The next year?

• A) 0.588
• B) 0.012
• C) 0.122
• D) 0.018

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Definitions:

Prices

The sum of money needed to buy a product or service.

Competitors

Other businesses or individuals that offer similar goods or services within the same market, competing for the same customers.

Oligopolist

A market participant in an oligopoly, where a small number of firms dominate the industry, influencing prices and market conditions.

Kinked Demand Curve

A theory in economics that suggests that prices in a monopolistic competition scenario may remain stable because competitors will match price decreases but not price increases.