If You Have Flipped a Fair Coin and Tails Has

question 53

Multiple Choice

If you have flipped a fair coin and tails has come up 49 times in a row, what are the odds that the next flip will be a tail?

• A)0
• B)1/50
• C)1/25
• D)1/2

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Definitions:

Marginal Cost

The upsurge in total financial outlay occasioned by the production of one supplementary unit of a product or service.

Marginal Revenue

The additional revenue that a firm gains when it sells one more unit of a product.

Monopolist's Profits

The excess earnings a monopolist achieves by setting the price above marginal cost due to lack of competition.

Market Power

The ability of a company or sector to control or influence the market price of its products or services.