Which of These Is Most Likely to Have a Binomial

question 46

Multiple Choice

Which of these is most likely to have a binomial model?

• A) The colors of the cars in the grocery store parking lot.
• B) The number of cards drawn from a deck until we find all four aces.
• C) The number of hits a baseball player gets in 6 times at bat.
• D) The number of black cards in a 10-card hand.
• E) The number of people we survey until we find someone who owns an iPod.

---

Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved, leading to a loss of total societal welfare.

Economic Profits

Profits exceeding the opportunity costs of a firm's resources, indicating it is surpassing the next best alternative.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for slight control over prices.

Product Variety

Product variety refers to the assortment or range of different products or services that a company offers to cater to diverse customer preferences.