A Vaccine Is 95 Percent Effective

question 81

Multiple Choice

A vaccine is 95 percent effective.What is the probability that it is not effective for more than one out of 20 individuals?

• A).7359
• B).3585
• C).2641
• D).3774

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Definitions:

Profit Maximizing

A strategy or point where a firm achieves the highest possible profit given its production costs, sales price, and output level.

Monopoly Firm

A company that is the sole provider of a particular product or service in a market, lacking direct competition.

Output Level

This refers to the quantity of goods or services produced by a firm or an economy within a specific period.

Monopolist

A market participant that has exclusive control over the supply of a particular commodity or service, allowing it to influence price and market conditions.