If a Student Randomly Guesses at 20 Multiple-Choice Questions, Find

question 32

Multiple Choice

If a student randomly guesses at 20 multiple-choice questions, find the probability that the student gets exactly four correct. Each question has four possible choices.

• A) 0.19
• B) 0.17
• C) 0.08
• D) 0.23

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Definitions:

Unit Elasticity

Unit elasticity refers to a situation where a change in the price of a good or service results in a proportionally equal change in the quantity demanded or supplied, indicating a unitary elasticity of demand or supply.

Maximum Total Revenue

The highest possible earnings that a firm can achieve from the sale of goods or services, typically found by optimizing price and quantity sold.

Price

The price necessary to acquire a good or service.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers.