Use the Following Information to Answer the Question

question 34

Multiple Choice

Use the following information to answer the question. Suppose that the probability that a person books a hotel using an online travel website is 0.68. For the questions that follow, consider a sample of fifteen randomly selected people who recently booked a hotel.
-What is the probability that no more than four out of fifteen people used an online travel website when they booked their hotel? Round to the nearest thousandth.

• A)0.001
• B)0.111
• C)0.321
• D)None of these

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Definitions:

Price Floor

A government-set minimum price that can be charged for goods and services, aimed at protecting producers.

Equilibrium Price

The price at which the quantity of goods supplied matches the quantity of goods demanded.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price can be charged for a product or service, typically intended to protect consumers.

Price Ceiling

A legally imposed maximum price on a good or service, intended to prevent prices from rising above a certain level, often leading to shortages.