At a Local Bar in a Small Town, Beer and Wine

question 87

Multiple Choice

At a local bar in a small town, beer and wine are the only two alcoholic options. The manager noted that of all male customers, 150 ordered beer, 40 ordered wine, and 20 asked for soft drinks. Of female customers 38 ordered beer, 20 ordered wine, and 12 asked for soft drinks. What is the probability that a randomly selected customer orders wine?

• A) 0.143
• B) 0.250
• C) 0.071
• D) 0.214

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Definitions:

Opportunity Cost

The value of the best alternative forgone in making any decision, a concept central in economics for understanding resource allocation.

WTO

The World Trade Organization (WTO) is an international organization that regulates international trade between nations.

International Trade

The exchange of goods, services, and capital between countries or territories, enhancing global economic growth, extending markets, and driving competition.

Specialization

A strategy where individuals or entities focus on a narrow area of expertise to increase efficiency and productivity.