THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 127

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
Consider the following probability distribution function.

-Which of the following is true for the binomial distribution?

• A)There are at least three or more possible outcomes.
• B)The probability of success remains the same for each trial.
• C)The probability of success P,is equal to 1.99 most of the time.
• D)The number of trials are not independent.

---

Definitions:

Market Demand Curve

Represents the total quantity of a good that all consumers in a market are willing and able to purchase at each possible price over a period of time.

Individual Demand Curves

Graphical representations showing the relationship between the quantity of a good that a single consumer would buy at each price.

Price Elasticity

Measures the responsiveness or sensitivity of the quantity demanded for a product to a change in its price.

Normal Good

A good for which demand increases as the income of the consumer increases.