Out of 733 Items Checked Out of a Public Library

question 125

Multiple Choice

Out of 733 items checked out of a public library, 269 were fiction books, 222 were non-fiction books, and 242 were videos (of any genre) . What is the probability that a
Randomly-selected item was not a video?

• A) 0.367
• B) 0.493
• C) 0.67
• D) 0.33

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Definitions:

Pure Monopoly

A market structure in which a single seller controls the entire supply of a product or service, and therefore can manipulate prices and conditions of sale.

Close Substitutes

Products or services that are so similar that a consumer can easily replace one with another, often affecting consumer choice and market competition.

Sole Producer

A market situation where only one supplier exists for a particular good or service, often leading to monopolistic behaviour.

Average Revenue

The amount of money received by a firm per unit of output sold.