Suppose That a Law Enforcement Group Studying Traffic Violations Determines

question 2

Multiple Choice

Suppose that a law enforcement group studying traffic violations determines that the accompanying table describes the probability distribution for five randomly selected people, where X is the number that have received a speeding ticket in the last 2 years. Is it unusual to find no speeders among five randomly selected people? $$\begin{array} { c | c } \mathrm { x } & \mathrm { P } ( \mathrm { x } ) \\\hline 0 & 0.08 \\1 & 0.18 \\2 & 0.25 \\3 & 0.22 \\4 & 0.19 \\5 & 0.08\end{array}$$

• A) Yes
• B) No

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Definitions:

Unique Product

A good or service that is distinct in the marketplace due to its unique features, benefits, or technology, setting it apart from competitors.

Special Market Segment

A specific portion of the market identified by unique characteristics, differentiating it from the broader market.

Differentiation Strategy

A business approach where companies aim to develop and market unique products or services to stand out from competitors and attract a specific segment of customers.

Competitive Advantage

A scenario or element that positions a firm in a more favorable or advantageous spot relative to its competitors.