A Package Contains 15 Candy Canes, 13 of Which Are

question 50

Multiple Choice

A package contains 15 candy canes, 13 of which are cracked. If 2 are selected, find the probability
Of getting exactly one cracked candy cane.

• A)0.4513
• B)0.5495
• C)0.2476
• D)0.3581

---

Definitions:

Firms Exit

This occurs when businesses cease operations and leave a market, typically due to factors like unprofitability, competitive pressures, or changing market conditions.

Competitive Price-searcher

This refers to a market situation where companies set their prices based on competition and market conditions, aiming to attract customers by offering better deals than their rivals.

Long-run Equilibrium

A state in which supply and demand balance over the long term, and all factors of production and economic variables have fully adjusted.

Demand Curve

A chart depicting how the cost of an item correlates with the amount of that item buyers are prepared to purchase.