One Person Out of Every 1000 Is an Economist and 90

question 38

Multiple Choice

One person out of every 1000 is an economist and 90% of them are math oriented. If only 5% of the population is math oriented and you pick a person at random who happens to be math oriented, it is

• A)likely that the person chosen is an economist rather than an non-economist.
• B)likely that the person chosen is not an economist rather than an economist.
• C)almost certain the person will be an economist.
• D)almost impossible the person will be an economist.

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Definitions:

Higher Revenues

An increase in the amount of money received from sales or services, often an objective in businesses aiming to grow or expand.

Reservation Prices

The maximum price a buyer is willing to pay for a good or service or the minimum price a seller is willing to accept.

Bundling

The practice of selling two or more products or services together as a single package, often at a discounted rate.

All-you-can-eat Salad Bar

A service model in restaurants where customers pay a fixed price to consume as much salad as they wish from a variety of options.