What Is the Probability of Obtaining a Head and a Tail

question 24

Multiple Choice

What is the probability of obtaining a head and a tail (in either order) when tossing a coin two times?

• A) 1/2
• B) 1/4
• C) 1/8
• D) 1/16
• E) 1

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Definitions:

Kinked-Demand Model

A model in oligopoly markets where firms face a demand curve with a kink at the current price, illustrating non-responsive demand to price changes by one firm if others do not follow.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market.

Economic Efficiency

A state where resources are allocated in the most beneficial way for society, maximizing productivity while minimizing waste and inefficiency.

Brand Loyalty

The tendency of consumers to continuously purchase products from the same brand instead of switching to competitors.