In a Business Class,15% of the Students Have Never Taken

question 4

Multiple Choice

In a business class,15% of the students have never taken a statistics class,40% have taken only one semester of statistics,and the rest have taken two or more semesters of statistics.The professor randomly assigns students to groups of three to work on a project for the course.What is the probability that neither of your two group mates has studied statistics?

• A)0.45
• B)0.023
• C)0.15
• D)0.85
• E)0.30

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for slight differentiation and some price control.

Product Differentiation

The method of differentiating a product or service from its competitors in the marketplace to increase its appeal to a specific target audience.

Monopolistic Competitor

A firm operating in a monopolistic competition market, offering a unique product but competing with several other firms in terms of price, quality, and branding.

Elastic Demand Curve

A representation of the demand for goods or services that are very sensitive to changes in price, indicating that a small change in price leads to a large change in quantity demanded.