Find the Probability of the Event

question 61

Multiple Choice

Find the probability of the event.
-If two 6-sided dice are rolled, what is the probability that the sum is 4?

• A) 3
• B) 23
• C) 121
• D) 1112

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Definitions:

Average Cost

The total cost of production divided by the number of units produced.

Monopolist

A monopolist refers to a single supplier in a market who has significant control over the market price of a product or service due to the lack of competition.

Marginal Revenue

The incremental revenue obtained from the sale of an additional unit of a product or service.

Natural Monopoly

A market situation where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale.