Solve Counting Problems Using the Multiplication Rule

question 249

Multiple Choice

Solve Counting Problems Using the Multiplication Rule
-You are taking a multiple-choice test that has 11 questions. Each of the questions has 5 choices, with one correct choice per question. If you select one of these options per question and leave nothing blank, in how many ways can you answer the questions

• A) 48,828,125
• B) 55
• C) 161,051
• D) 16

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Definitions:

Substitution Effect

The economic principle that as the price of one good increases, consumers will replace it with a cheaper alternative, holding utility constant.

Price Change

A variation in the cost of goods or services over time, which can result from factors like supply and demand, inflation, or market dynamics.

Income

The amount of money received on a regular basis from work, property, investments, or government benefits.

Utility Function

A mathematical representation of how consumers derive satisfaction from goods and services, assigning numerical values to different bundles of goods.