If $A , B , C$ , And $D$ , Are the Only Possible Outcomes of an Experiment, Find

question 228

Multiple Choice

If $A , B , C$ , and $D$ , are the only possible outcomes of an experiment, find the probability of $D$ using the table below.
$\begin{array}{l|cccc}\text { Outcome } & \text { A } & \text { B } & \text { C } & \text { D } \\\hline \text { Probability } & 1 / 5 & 1 / 5 & 1 / 5 &\end{array}$

• A) \(2 / 5\)
• B) \(1 / 5\)
• C) \(1 / 4\)
• D) \(3 / 5\)

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Definitions:

Elastic

A term describing a situation where the demand or supply of a good or service changes significantly when its price changes.

Higher Taxes

Increased rates or amounts of taxes imposed by governments on individuals, corporations, or transactions.

Inelastic

Inelastic refers to a situation in which the quantity demanded or supplied of a good or service is relatively unresponsive to price changes.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a specific price level, at a given point in time.