A Flip of a Fair Coin Is Used to Simulate

question 43

Multiple Choice

A flip of a fair coin is used to simulate the gender of a series of simulated students.
$\begin{array}{|c|c|}\hline \text { Flip } & \text { Gender } \\\hline \mathrm{H} & \text { Female } \\\hline \mathrm{T} & \text { Male } \\\hline\end{array}$

Given the following four flips, how many female students were there? H T T T

• A) 1
• B) 2
• C) 3
• D) 4

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Definitions:

Monopolistic Competition

A market structure in which many companies sell products that are similar but not identical, allowing for competition but with some pricing power for producers.

Profit-Maximizing

A strategy or approach used by firms to determine the price and output level that delivers the maximum profit.

Long-Run Equilibrium

A state in which all firms in a market are producing at their minimum long-run average cost, with no incentive to enter or exit the market.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for competition on factors other than price.