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Multiple-choice questions on a test each have 6 possible answers, one of which is correct. Assume that you guess the answers to 4 such questions.
A) Use the multiplication rule to find the probability that the first two guesses are wrong and the third and fourth guesses are correct. That is, find P(WWCC), where C denotes a correct answer and W denotes a wrong answer.
B) Make a complete list of the different possible arrangements of 2 wrong answers and 2 correct answers, then find the probability for each entry in the list.
C) Based on the preceding results, what is the probability of getting exactly 2 correct answers when 4 guesses are made?
Market Price
The existing rate at which an item or service may be traded or acquired in a commercial setting.
Market Output
The total amount of goods or services produced and offered for sale by businesses in a particular market.
External Costs
Costs that are not borne by the producer or consumer of a good or service but by society, such as pollution.
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