TABLE 5-2 a Certain Type of New Business Succeeds 60% of the of the Time

question 174

Short Answer

TABLE 5-2
A certain type of new business succeeds 60% of the time. Suppose that 3 such businesses open (where they do not compete with each other, so it is reasonable to believe that their relative successes would be independent).
-Referring to Table 5-2, the probability that all 3 businesses fail is ________.

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Definitions:

Locus of Control

A psychological concept that refers to how strongly people believe they have control over the situations and experiences that affect their lives.

Internal Locus

The belief that one controls their own life and outcomes, rather than external forces.

External Locus

The belief that one's life events are largely influenced by external forces or the environment rather than personal actions.

Toe Dipper

An individual or entity that cautiously tests or explores a new venture, idea, or market with minimal commitment.