Students in an Introductory College Economics Class Were Asked How $\text { Degree of Certainty }$

question 8

Multiple Choice

Students in an introductory college economics class were asked how many credits they had earned in college, and how certain they were about their choice of major. Their replies are summarized below.                          $\text { Degree of Certainty }$
$\begin{array} { |c | c | c | c | c | } \hline \text { Credits Earned }&{ \text { Very Uncertain } } & \text { Somewhat Certain } & { \text { Very Certain} } & \text { Row Tot } \\\hline \text {Under 10 } & 14 & 16 & 6 &46 \\\hline\text { 10 through 59} & 16& 8 & 20 & 44 \\\hline \text { 60 or more } & 2 & 14 & 22 & 38\\\hline \text { Col Total } & 42 & 38 & 48 & 128\\\hline\end{array}$ Assuming independence, the expected frequency of very uncertain students with 60 credits or more is:

• A)12.47.
• B)2.00.
• C)14.56.
• D)11.09.

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Definitions:

Relevant Market

The specific market segment in which a particular product or service competes, considering both geographical reach and product substitutability.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market with no close substitutes, often leading to high prices and limited consumer choice.

Relevant Market

The market in which a particular product or service competes, including potential customers and competing products.

Monopoly Power

The ability of a single company or entity to control or dominate an industry or sector, often leading to limited competition and higher prices for consumers.