Find the Indicated Probability

question 46

Multiple Choice

Find the indicated probability. Round to the nearest thousandth.
-In a blood testing procedure, blood samples from 5 people are combined into one mixture. The mixture will only test negative if all the individual samples are negative. If the probability that an individual sample tests positive is 0.09, what is the probability that the mixture will test positive?

• A) 0.376
• B) 1.00
• C) 0.00000590
• D) 0.624

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Definitions:

Four-Firm Concentration Ratio

A metric that measures the total market share controlled by the four largest firms within an industry, used to assess the competitiveness of the market.

Herfindahl Index

A measure of market concentration, calculating the sum of the squares of market shares of each firm within an industry.

Short-Run Equilibrium

A state in which market supply equals demand, determining the price and quantity sold, specifically within a short timeframe.

Profit-Maximizing

This refers to the process businesses use to determine the output level at which profits are at their highest.