Each Salesperson in a Large Department Store Chain Is Rated

question 75

Multiple Choice

Each salesperson in a large department store chain is rated on their sales ability and their potential for advancement. The data for the 500 sampled salespeople are summarized in the following table. What is the probability that a salesperson selected at random will have an excellent potential for advancement given they also have average sales ability?

• A) 0.27
• B) 0.30
• C) 0.404
• D) 0.45

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Definitions:

Efficient Economy

An economic system where resources are allocated optimally to meet the needs and wants of its participants, minimizing waste.

Consumer Demand

The desire of purchasers, consumers, or buyers for products or services which they are willing and able to buy.

Efficient Market

A market in which prices fully reflect available information and adjust quickly to new data.

Opportunity Costs

The cost of foregoing the next best alternative when making a decision or choice.