Jo Is a Hairstylist

question 98

Multiple Choice

Jo is a hairstylist.The probability model below describes the number of clients that she may see in a day.
What is the expected value of the number of clients that Jo sees per day?

• A)2.7
• B)3.00
• C)2.9
• D)2.80
• E)2.50

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Definitions:

Differentiated Product

A product that is distinct in some way from others in the same category, allowing the seller to compete on factors other than price.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Industry

A group of companies or organizations that produce similar goods or services.

Purely Competitive

A purely competitive market is one with many sellers and buyers where no single entity has significant control over prices and where products are largely undifferentiated, leading to market equilibrium determined by supply and demand.