Answer the Question A)Yes
B)No

question 155

Multiple Choice

Answer the question.
-Suppose that a law enforcement group studying traffic violations determines that the accompanying table describes the probability distribution for five randomly selected people, where x is the number that have received a speeding ticket in the last 2 years. Is it unusual to find no speeders among five randomly selected people? $$\begin{array} { l | l } x & P ( x ) \\\hline 0 & 0.08 \\\hline 1 & 0.18 \\\hline 2 & 0.25 \\\hline 3 & 0.22 \\\hline 4 & 0.19 \\\hline 5 & 0.08\end{array}$$

• A)Yes
• B)No

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Definitions:

Differentiated Products

Products that are distinguished from similar products by unique characteristics, branding, or quality, allowing companies to compete beyond price.

Perfectly Competitive

A descriptor of a market scenario where firms face many competitors, sell identical products, and have no control over the market price, leading to optimal efficiency and resource allocation.

Short Run

A time period in which at least one input, like plant size, is fixed and cannot be changed by the firm.

Price Taker

A market participant that accepts the prevailing market price and does not have the power to influence it.