The Children at a Certain School Were Asked What They

question 52

Multiple Choice

The children at a certain school were asked what they prefer to drink with their lunch, and the
Following table summarizes the children's responses. The school only serves milk, chocolate milk, or water with lunch. What is the probability that the first student
In line for lunch will be served their preferred beverage with their lunch?

• A)0.37
• B)0.54
• C)0.63
• D)0.46

---

Definitions:

Goods Or Services

Tangible products (goods) and intangible offerings (services) that fulfill the needs or desires of consumers.

Fixed Costs

Costs that do not vary with the level of output or production, such as rent, salaries, and insurance premiums.

Monopolistically Competitive

Refers to a market structure where many firms sell similar, but not identical, products, allowing for some degree of market power and differentiation.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, where marginal revenue equals marginal cost.