A Section of an Exam Contains Two Multiple-Choice Questions, Each

question 158

Multiple Choice

A section of an exam contains two multiple-choice questions, each with three answer choices (listed "A", "B", and "C") . Assuming the outcomes to be equally likely, find the
Probability (as a reduced fraction) that both answers are the same ("AA", "BB" or "CC") .
[Hint: List all the outcomes of the sample space first.]

• A) 1/9
• B) 1/6
• C) 1/3
• D) 1/27

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Definitions:

Equilibrium Quantity

(1) The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; (2) the profit-maximizing output of a firm.

Price Elasticity

An indicator of consumer sensitivity to price fluctuations, represented by the extent to which the demand for a product adjusts in response to variations in its price.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price level during a specified time period.