A Study Conducted at a Certain College Shows That 53

question 120

Multiple Choice

A study conducted at a certain college shows that 53% of the school's graduates find a job in their chosen field within a year after graduation. Find the probability that among 7 randomly selected graduates, at least one finds a job in his or her chosen field within a year of graduating.

• A)0.988
• B)0.143
• C)0.530
• D)0.995

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Definitions:

Minimum Possible Average Cost

The lowest average cost at which a firm can produce its output in the long run, given its technology and factor prices.

Barriers to Entry

Factors that make it difficult or costly for new firms to enter and compete in an industry, such as high startup costs or strict regulations.

Pure Monopoly

A market structure where a single supplier controls all production and sale of a particular good or service, with no close substitutes.