Hubble Construction Company Has Submitted a Bid on a State

question 59

Multiple Choice

Hubble Construction Company has submitted a bid on a state government project that is to be funded by the federal government's stimulus money in Arizona. The price of the bid was predetermined in the bid specifications. The contract is to be awarded on the basis of a blind drawing from those who have bid. Five other companies have also submitted bids. What is the probability of the Hubble Construction Company winning the bid?

• A) 0.2778
• B) 0.1667
• C) 0.6944
• D) 0.0278

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Definitions:

Company

An organization or entity engaged in commercial, industrial, or professional activities.

Investor

An individual or organization that allocates capital to investments with the expectation of achieving a financial return.

Entrepreneur

An individual who initiates, organizes, and runs a business or businesses, taking on greater than normal financial risks in order to do so.

VC Firm

A venture capital firm is a group of investors that provides funding to startups and small companies with strong growth potential in exchange for equity.