From the Information Provided, Create the Sample Space of Possible

question 37

Multiple Choice

From the information provided, create the sample space of possible outcomes.
-Both Fred and Ed have a bag of candy containing a lemon drop, a cherry drop, and a lollipop. Each takes out a piece and eats it. What are the possible pairs of candies eaten?

• A) LD-CD LD-CD LD-CD LD-LP LD-LP LD-LP CD-LP CD-LP CD-LP
• B) LD-LD CD-LD LP-LP LD-LP CD-CD LD-LP LP-CD CD-LD LP-LD
• C) LD-LD CD-LD LP-LP LD-CD CD-CD LD-LP LP-CD CD-LP LP-LD
• D) CD-LD LD-LP LP-CD LP-LP LD-LD

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Definitions:

Highly Inelastic

Describes a situation where the demand or supply for a good or service is hardly affected when the price changes.

Highly Elastic

Describes a situation where the demand or supply of a product changes significantly in response to changes in price.

Excise Tax

A tax on the sale or consumption of specific goods or services, such as alcohol or gasoline.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.