A Multiple Choice Exam Has 100 Questions

question 74

Multiple Choice

A multiple choice exam has 100 questions. Each question has five choices. What would be the approximate probability that a "guesser" could achieve a score of 30 or more?

• A)0.0088
• B)0.0062
• C)0.0015
• D)0.4913

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Definitions:

First-Degree Price Discrimination

First-degree price discrimination occurs when a seller charges different prices for the same product or service to each individual customer, based on their willingness to pay.

Inverse Demand Function

Represents the relationship between the quantity demanded of a good and its price, formulated to express price as a function of quantity.

Consumer's Surplus

The gap between the total sum consumers are ready and able to spend on a good or service and what they actually spend.

Used Cars

Pre-owned vehicles that have been previously registered and used by one or more owners.